Alright, got the thing out in daylight. I figured I'd post a crapload of pictures and ask some more questions. See my notes and questions at the bottom of the post.
(original post with my initial questions: http://forums.h-body.org/viewtopic.php?f=1&t=39586)
Here's what I'm thinking. I'm seeing A LOT of rust I don't remember. How much body work do you guys think I have here? I got it running yesterday pouring gas in the carb. So for Body, it looks like I need work behind each wheel well, 4 corners of the drop down floor pan area right under the rear seat floorboards and the front of the front seat mounts are rusting through (not awful yet). Everything else looks like cleaning and paint and some detailing will be good enough. I need to get the locks recored or get keys made because I can't open the hatchback from the outside. The hatchback needs new gas shock things to keep it up.
The interior is in relatively good shape, but the sunroof leaks badly. I'm going to try some silicone to moisturize the rubber and see if that helps.
Mechanically, the worst is that it overheats. There is no liquid in the hose going from the radiator to the engine which makes me suspect the heads are cracked, but I'm going to tear into that later this week. The brakes need some unknown amount of work (it stops slowly, but I can tell not all 4 brakes are working, possibly brake lines), and the gas tank is rusty inside and leaky. Not sure what to do about this because I'm pretty sure nobody makes a gas tank for this car anymore. I guess I could try some of that pour in sealer stuff, not really sure yet. The PO claimed the fuel pump in the gas tank was broken, and added an inline pump in the engine compartment. It was working at the time. When I last had the car running (6 years ago), it was leaking transmission fluid, but I checked the fluid and the it's at the same level as 6 years ago, so maybe the tranny is fine.
Right now what I'm trying to decide is what the hell to do with this thing. I'm in about $575 including car, storing, towing, gas to get there, and a battery. I don't have a welder, nor have I ever welded anything in my life. I'm not against buying a welder and welding the crap out of this thing and painting it myself. If I make it pretty I sort of want to make it run fast too. The other half of me is telling me to rip open the 305, get it running right, drive it till it dies, then part it out to you guys. Most of that is because of the rust I'm finding everywhere and the awesome condition of the interior.
What does the H-Body community think I should do? I should mention I am mechanically inclined, have a college degree and I do have the money to do this right. My indecision comes from the idea that I know I could spend the same money on something else/more desirable/in better condition and be better for it.