Orval is correct on the miscellaneous parts that will need attention -
corroded wheel hups cause @250 per half, hydraulic actuators about the
same. There is a SB1006 on wing corrosion that requires that the tanks
be pulled (might as well do that anyway to replace the hoses as they
will be cracked by now). It's likely that Lycoming will insist that
the engine core be junked on rebuild.

VREF is 10-15% high. In pristine condition, I'd guess the plane might
be worth $80K, but people who pay to put aircraft in pristine condition
usually lose 50% of the cost of doing so. If you want a nice Arrow,
buy one in which someone has already invested that premium.

It NEVER pays to buy a project unless you can do virtually of the work
yourself, and even at the cost of the parts will just about equal the
gain in value.