I wouldn't touch it, even with the low, low price of $5500. Besides the paint being a mess, the interior is crap.
It's gonna cost you a boatload at some point to repaint and repair the interior. The seat covers are no longer available from Ford.
You would be better served saving up some more and getting one with 50K on the odo that is cleaner than that. You could probably find one like I am describing for $12K or so. It will cost you at least $5-7K to bring that back.
I would think the price for the paint itself would be scary, without the labor that is.