Well, I guess there is nothing to overly fear with this car. Just a matter of condition and price. Luckily down here rust isn't that often a problem, especially with W124's so far. It's life before here was Cali, so good shape there.
Thanks for those who have helped me with info. Any more is certainly welcome.
BTW, anybody have a couple of China blue hubcaps?

http://www.peachparts.com/shopforum/showthread.php?t=194431&page=10