85 GT what is it worth?

Hey guys after the last few months of a new 1/8 mile track being built less then an hour away from my house and having lots of friends running up there everyweekend I have come to the thought that I need to get me anouther car. Well after some looking around I have found a 85 gt.
The car looks like it was probably one good looking car back in 85 but it has been sitting around for quite a while outside and the sun has just about cooked off all the paint (black).Other then the paint being cooked off the body is in very good shape just a few small door dings here and there with a little bit of rust under the driverside seat where the bolts come threw. This will have to be fixxed but thats all I can realy find that is rusty. Other then that the car has factry T-tops, air that still works,Power windo's and locks. The motor is supose to be a roller out of a 90 mustang with a E 303 can and a set of forget trw pistons, tranny is a t-5 thats said to have came out of the same 90 stang. they guy also said it has a 8.8 out of a 91 stang. All and all the car is in good shape other then the paint and it need some interior work t be a nice looking car. What I want to end up with is a car that I can still drive on the street but cause hate and discontent with on the weekends. I would like to build anouther stroker windsor motor and with some juice and a set of MT et streets be running low 11's or maybe high 10's.
Does this seem like a good car to start with? I can pick it up for $500.
sorry for the long post I think I'll go to bed now... Jason
[addsig]

I would get it for $500 thats not a bad deal
[addsig]

That's a better deal than I'm looking at now. I found an '87 LX hatch, 5.0 T5, 136K miles, been hit in front, runs and I drove it. No brakes, had to use emergency, shifts OK no grinds, paint looks like 3rd coat of sick yellow metal flake over rust and bondo. Guy wanted 1000 for it. I've passed so far but considering it.

Carpet is simple, just pull the interrior and do it. If seats are OK in it, then I'd go for it if its got less than 150K on it.

buy it!!