If you follow the auction results in Sports Car Market, the best 100Ms are $125-145k, and I think it's fair to say that a restoration will cost (ballpark, plus or minus) $50k.
This leaves a little wiggle room for an upside, assuming the buyer is strictly in it for profit and investment. If the motivation comes from sentiment, well, then there's no point in justifying the cost of admission to that club.
While more rust that I would've expected, given it's location, people have certainly restored worse. Maybe the chassis/body rebuilding portion of the restoration would be easier/faster/cheaper than some, with a little money saved there.
It'll be interesting to see how <span style="font-style: italic">The Nation's</span> current affairs affects the car hobby business; might be another scenario where those little toys in the garage just don't seem as relevent as they did a few months ago...