Depends on what you mean by "good project". If your looking to learn how to do rust repair, it would be a good project. If your looking to fritter away money in virtually limitless quantities, it would be a good project. If your looking to invest in a car that will never, ever, ever have any resale value, it would be a good project. No - this car has only one thing going for it - it's close by. A 6.9 is the poster boy for financially upside down. And that's for a rust-free example - no telling how bad this one could be. Even if none of this babble dissuades you, I would still suggest you look for a rust free example.