Ok, Im contimplating buying an 83 500SEC, its high mileage 224K probably wont smog, its euro

QUESTION: I hear good and bad about the euro cars. Whats the bad? Whats the good? Do some 500SEC's have 5.6 engines? I thought I saw some advertised that way.

Is Euro car and gray market car same thing?

What do you think would be the minimum you could pick one up for that is running but yet a resto project, in other words, you could drive it around for six months or so, then when I would be done with my house, could turn my attention to it and restore it. Something not needing body work, ok mechanically, and the interior and little things not working, like switches etc, etc.?