I don't think it warrants a full resto, but too decent to part out, esp if current owner has use for it as a driver.
IMO, find a 5.9 Magnum, run it with a carb, put a SB 727 behind it, some era-appropriate wheels/caps, and figure out more as you go.
A shame about the mismatch colors and missing sidetrim though, that would kill this one for me. No cheap/easy way to fix that.