Your friend isn't going to want to hear it, but what everyone said above is true. I have seen many similar cars weather to junk by sitting outside uncared for. It certainly can be rescued, but you can buy a good car cheaper. That car would make a good racecar, it isn't an SS/RS, and bodywork would cost a fortune.
Just from the pictures, it needs quarters, rockers, and a trunk floorpan. Just those areas are probably 100 hours plus parts. Depending on bodyshop rates in your part of the country, that alone could run 10k, and it still needs paint. Unless you are a bodyman, figure an absolute bottom dollar of 15k, and if there is more damage than you are seeing, and the paintjob goes up the scale, you could easily reach 25k-30k. And dont forget to figure at least a year before it gets out of paint. And that is an average example, it could be much worse. Even a gen1 small block will set you back 5k with all the details. Interior needs 2k-4K for soft parts and gauges and could go up from there. Want a t56, figure 3.5k, then hook it to a $500 driveshaft, and $2500 for an axle to actually turn the wheels. Brakes? 2k and up by the time you replace everything from the pedal to the wheels. Suspension? Just a stock style clean/paint/rebuild will be an easy 1k, and you can go to the moon.
Everyone wants to build their own, and make the "barn find " (or backyard) deal of the century, and that is fine. But it will always be cheaper, not to mention faster, to buy a complete car. As an example, there is a 67 currently in the classifieds that has been stored inside and taken care of for 35 years (shameless promotion - it's mine), that you can pick up cheaper, and be driving tomorrow.
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