Looking at 89 turbo, need pointers

[Geo81]

Hello everyone,
I just got done looking at a 89 turbo 5m targa top. I need some pointers for I might be biased to making a clear decision since I have always wanted one (the allure of the Supra is quite strong). I took my brother with me to look at it but I feel he has the same problem.
The body is in very good condition (only minor things such as trim on passenger front, and the targa top has been droped on its corner). However, the engine that is in the car is inoperable. The HG isn't blown from any of the evidence that I was looking for (oil was clear-no water/foam). I would also be able to pick up a working engine for another $500.
I have been looking for a project car for some time, something I can do some wrenching on; both for learning curve and to really bond with making a car with my hands and the feeling of knowing every inch.
At 3k is this going to be worth it, or am I setting my self up for something that I am going to be ultimatly sorry for. Any advice or pointers you guys could give me to start me off would be very much appreciated.
Thanks guys