Can you take and post some detailed pictures? In the rust ravaged Midwest and east coast, this car would bring more money than in your fair state where these cars are more common.
I've not seen it, but if the car is rock solid and original I'd say that this would be a good buy at about half that amount. Rare colors and factory accessories would help drive the value. Keep in mind, to make it right, you will need to spend a fair amount on things like brakes, suspension, etc on top of the other interior problems you mentioned.
I've spent the last year refreshing my time capsule of a 1600 and have easily spent as much as I did on the purchase price of the car on driveline maintenance and suspension repairs to bring it back to life.
Post some pics!
Ben