I have a '78 280z, I've been driving it for over 20 years and still love it! I was lucky enough to find a mechanic that specializes in Z's. It's been a good reliable car and has only need one major repair in all the years I've had it. It's cute and it's fun to drive.
My dad got a car years ago that looked at least that bad and it ended up a showstopper. It will take a lot of work and dedication but it'll be worth it. Good luck!
Are you in California? I know the best Z mechanic, he's in Ventura, works exclusively on Datsuns and has a huge crowd of Z cars outside his shop at all times. He's been fixing my Z for over 20 years.
Anyone know of a car club for Z cars in Ventura County? I have a 1978, beautiful 280Z that I love and would like to get together with other Z owners. I am a loyal customer of the best Z mechanic there is and would like to share information with any Z owners in my area. -Chris