I did a compression test on my 190,000+ short block and got 145-155 psi. I then put fresh heads and intake on it and made 277RWHP and 330RWTQ recently.
If you are looking to get a running car to drive, and are inclined to fix as you go, this is a good deal if the price is right. The upholstery, trim pieces in and out, and stuff like the ac are the most annoying and expensive to fix or replace.
You will most likely have to fix brakes and chassis stuff soon, but that is no problem.
If you want a car to build a hot rod, get the cheapest you can.
Engines and stick trans are the least expensive things to fix on the car, and parts are readily available, so I would not worry about those too much.