Hard pass. Really restoring that machine is going to take tools you don't have (i.e. you're going to have to farm work out) and even the stuff you do will cost you money. It's also going to take a huge number of hours. I think in the end you'll have paid the same or more for a machine that was once a rust bucket versus having a decent machine, soon, that has been relatively well-treated. The only value in this machine is if you had a burning desire to see if you could resurrect it and would enjoy the work.
GsT