[V8] the new guy

[Ed Kellock]

At the absolute minimum, you will double your investment doing the timing
belt.  Does it need it?  If you don't know for sure, then yes, IF you want
to drive the car for a while without concern of catastrophic failure.  If
you might decide that you would like to start with a better example and not
make a significant  investment in this one, then you could assume reasonably
that the timing belt has been done at least once because few if any would
make past say 85-90k w/o at least one timing belt replacement, whether it
failed previously or not.  If the current belt was installed at about the
60k mark then it's time to do it again, but many last decently beyond 60k.
All the other issues mentioned sound treatable to make the car safe and
mostly reliable to drive.  Is this one to restore?  That's up to you and
your wallet.

Ed