I agree with the comments that there are some dubious things about the paint, but unless the owner is really seeking 100pt Concours pricing, that's no big deal.
I'd store the 14" wheels/tires and look for some 15" OE or OE-style wheels that I could fit "correct looking" tires that were real modern tires. And then enjoy it. It's not fast, but would be a lot of fun to own.