The brakes also might very well be seized. Depending on the climate and storage conditions it was in over the years.

Odometers can be a real issue on these cars. If it truly only acquired 127k before put into storage. I would tend to expect the engine to still be really good.. Interior should still look like new other than deterioration of the padding if left out in the heat too much. At least at 127K that is. Your rust description indicates it may not be a southern car though. Anyways I hope it works out for the best for you.

Personally I would run a car check type of report on this car. Sometimes they are helpful and sometimes not. Some states have a lot of useful reporting in them and others next to none. Just to get a baseline on the car but the general condition is everything even if you find something you do not like. For example if the rust is minimal that is a real upside.