With the twin cam 280, it should outrun a 4.5 or 3.8. A proper paint job may cost up to 7 grand, but we are talking a driver here, not a show car. A thousand dollar paint job would be fine for a driver. If you can wrench yourself, parts arent all that bad, with the exception of SL specific parts.

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1959 Gravely LI, 1963 Gravely L8, 1973 Gravely C12
1982 380SL
1978 450 SEL 6.9 euro restoration at 63% and climbing
1987 300 D
2005 CDI European Delivery
2006 CDI Handed down to daughter
2007 GL CDI. Wifes