Irkie500

I found a 1984 trans am for $500. The body looks good in the pictures but it needs a new battery and O2 sensor, both minor parts; also the engine has 102K miles on it. The reason im looking to buy it is beacuse im in a vocational auto class at high school and need an engine to tear down and rebuild. This car has the 305 V8 carb engine in it, now I have the money to mod the engine, and i most likely will. The car will be stored in the winter when its running, will stay in the auto shop when engine is pulled. I just need to know if this is a good buy or am i going to be wasting money down the road on replacement parts? thanks to anyone who can help me.

LINK to the car: http://rochester.craigslist.org/car/445947847.html

EDIT: car also needs a set of new tires but it will be sitting in the shop if i get it so no rush on thoes.