I think it's a good buy, can't imagine there is another one with a pedigree floating around for that price.
I'd look close at that build date, it'd be cool if it was a capscrew drag pack car, although the way I read that Marti report it seems like it'd be a standard CJ engine due to the build date.
Either way, cool toy.
You wait though, it's sort of odd, they tend to be more cramped under the hood than a Mustang. Not much, but a little. Valve covers, headers, radiators are all just a little more crowded in a Fairlane/Cobra/Montego, etc