I'm a mechanically inclined type, and this is _exactly_ my plan.

I'm looking for a solid, corrosion free 'base' to start building up a
plane... Think of it as 'experimental aviation light'- I don't want to
wait 3000 hours to start flying, but I don't mind a plane that's going
to take some elbow-grease along with the purchase price.

The low time airframe and complete lack of corrosion are two huge
pluses. It also seems like there is quite a cult following for the old
Hershey-wing Pipers, aerodynamic modifications are plentiful and
inexpensive (how useful they are remains to be seen of course), but I
still like the idea.

The ship is going to need an IFR stack (currently VFR only, and
eventually I want my IFR ticket), but as you said, King IFR stacks are
amazingly cheap right now (I guess everyone is dumping them in the rush
to glass, a trend that will only accellerate IMHO).

I got a chance to get my elbows dirty yesterday in the plane (before
hand I was dealing with world of mouth from a friend, the plane is
being sold by an aquaintance of sed friend).

The wings and sheetmetal was pristine (original stenciling still
clearly visible, you could probably eat of the wing spar metal, etc).
interior was a mixed bag, plastics are all flawless, but the panel is
in sorry shape and the plane doesn't even have an intercom (previous
owner used speaker+handheld). Seats Rails were flawless (and all seat
adjustments), but the seats themselves need re-upulstering (and the
arm-rests were all cracking and showing their internal foam).

The only real 'ugly' I came across was the Fuel tanks... red goo in
both. I'm already pricing salvage replacement tanks and fuel system.

I'm amazed how simple the plane is... the entire fuel system looks well
within my mechanical abilities (and the parts don't seem to be too
bad). I did confirm that the fuel tank, while ugly inside, did not
leak within the wing (one of my concerns).

I'd also probably do the interior work myself (within legality in
regards to the panel, of course).

I'm having a mechanic go over her tomorrow to find anything I missed in
my rather thorough inspection... assuming there aren't any
showstoppers, I'm ready to put down a deposit.

My final determination came down to one simple equasion... Purchase
price + Engine Overhaul Value of comparible planes on barnstormers...

What else can I say?