Hey Welcome.
Nice choice in cars a Formula Bird.
Now keep in mind you always end up selling a car for less than it cost you to build it.
Now remember what I just said, and then read your own quote from PT.
"All the 70-71 birds I'm finding that are turn-key to use as a daily and rust free are way out of my price range."
So this car will end up costing more than those out of your price range.
If that motor was rebuilt before it was parked it sat for a long time without oil circulating and with some valves open and springs fading. So it is just an old motor now. Plus look at the disarray under the hood and dirty air cleaner and ask yourself what was the quality of the rebuild?
That's a $3-4k starter (not worth the $7.5k he is asking IMHO) on a project that will cost 5 to 10 times that to complete without any big modifications.
You said you're not mechanically inclined. Find something closer to done would be my advice.
Go grind this guy down a few grand
http://sandiego.craigslist.org/csd/cto/4547472255.html
Or keep saving your dough.
http://www.ebay.com/itm/Pontiac-Fire...US_Cars_Trucks