With over 200k I think the engine will need major servicing..at the very least an upper-end overhaul. Expensive...probably $5k-6k. Then there are the other issues which will add several more thousands of dollars.

Personally, I would opt for a lower mileage car with less issues. You can either pay now for a nicer specimen or really pay later buying a high-mileage vehicle. It's MUCH cheaper to buy a car that was meticulously maintained with everything done by someone else who's eager to sell than it is to make a less than perfect car right.

As an alternative I would opt for a w126 which is very DIY friendly. I heard the 140 is a great car provided it was serviced properly. But it will eat you alive if it was neglected... as it will have to be serviced by a dealer or indie.

Just my two cents.