your buddy would be better off buying a 4 cyl roller and starting over, that car is going to be a loss all around. Tell him to spend 4k and get something clean.
People have to learn from their mistakes. You tried to tell him.
I woudln't touch that car with a six and a half foot pole. If I don't have the know how or the ability to do the job right, I'm not gonna do it at all.
I hope he figures out that he'll be probably paying four times what that's worth. I've seen better cars on craigslist for $500. Seriously.
I have a pretty good imagination of what a car could be, but I don't think I would take that one at $200. That thing needs so much cleaned up just to start a project that I may not take it for free!