Junkyard shopping last weekend and saw a 70 Torino red/orange, no engine but everything else. No major rust or dents and decent interior. Might be $500 or less. I'll get pics if it is worthwhile. I just happen to have a 5.0 HO and AOD tranny sitting around!!
i'd say go for it. the 302 and aod will be just fine in it, it won't be a barnstormer but should make a real nice cruiser. BTW the base engine was a 250 six banger, so a 5.0 ho would be fine.
The Torinos will be sure to go up soon if not already. With the market for Mustangs going up so high the "secondary" cars will start increasing in popularity since a lot of potential buyers can't afford or can't aquire a Mustang. So cars like Mavericks, Falcons, and Torinos will start appreciating more. For $500 it's more than worth it. If nothing, add and engine and tranny and sell it for profit.
My eyes are always open for a 70/71 Ranchero, I talked to a guy in my neighborhood a couple years ago with a 70, but about the time I started talking about buying it my 65 came up for sale and I bought it instead.