I graduated from HIGH SCHOOL in 1973. Any vehicle that's been on the road as long as I have is bound to have some pretty serious problems.
If you just WANT it as a project car, then you are all set. I wouldn't plan on it being a financially beneficial investment, but if it makes you happy, that's worth a lot.
If you can't paint, do mechanical repairs, do body work, and just generally restore it yourself, plan to spend between $4000 and $40,000 on it. Seriously. A classic car is like a bucket in the driveway, into which you pour money.
We have three classics all built in the 1960's. They can be reliable daily transportation if you have time to tinker with them. If you don't, and don't have a good relationship with a body guy and a couple of mechanics whose children you will send through college, I'd say no. But it truly is a love thing. If you love it, go for it.