I am in the same position that your in. I really want a W126, but want to wait to spring so it is warmer and I can work on the thing without freezing to death!

There is a tired 500SEL down the street from me that is screaming save me. The owner wants way to much and I can see about 8k worth of work to get it in the condition I want. When the snow starts to melt I will be in the market for the nicest 420SEL or 300SDL I can find.