I would not buy that bike. You can look/wait and you'll see much nicer, running examples go for $1,000~1,500 and you'll have twice the bike. Seriously, the only way you take on a project like that is if you want to be busy for the next 6 months. Everything on that bike needs to be handled, replaced, fixed, re-plated, repainted, or rebuilt. I've done several like that and it's not done cheap or quickly.
Regards,
Gordon/I like bikes