If I couldn't do the body work and paint (or at least get it in primer REALLY ready to paint... most cars sold as "ready to paint, aren't) I would pass.   NOM car means you WILL be upside down, even if you get it for $20k.   Further, if it is a 325 HP car, you will be REALLY upside down. 
 
If he has every bit of needed metal, all NOS, he may get $25k.   Might be worth that if you can document that it was originally an L-78, AND if the replacement motor that he has is an L-78.
		 
		
		
		
		
		
		
			
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