Howdy fellow BC'er. Well you did say "project car". If hardly any amenities work but the engine/tranny/ suspension (check: rust from Q-bec) then sure why not. I've read about many a project and they seem to agree that it costs about 50% more than what you plan.
Good conditioned CSVT's are around 10-12 still. So if you can get it for $4000 then it may be good for a project.
If you know what you can with it, any car be a good project, and keeping within your means. I'd say that it being trashed and broken in places, he's not going to sell it soon. Go in with cash and don't go higher.
Maybe someone can give poopie some figures as to how much he should aim to buy it for.
Nice to meet you. And maybe post a picture of your 'stang cause I recall a many nice cars while I was there last week.