Provided you have a place to do the work, the time to do it, and the skills, or at least the willingness to learn them, yes you should do it.
I learned a great deal about cars from a project car I had in my late teens and early twenties. It wasnt' a Benz, though. I bought a '63 Dodge Dart with no engine or trans and swapped in a '79 360 V8 with a '73 A904 Torqeflite transmission. It took me several years and the help of a few friends to get it all to work together, but I had a great time working on that car.
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Whoever said there's nothing more expensive than a cheap Mercedes never had a cheap Jaguar.
83 300D Turbo with manual conversion, early W126 vented front rotors and H4 headlights 400,xxx miles
08 Suzuki GSX-R600 M4 Slip-on 22,xxx miles
88 Jaguar XJS V12 94,xxx miles. Work in progress.
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