I'd say go for it, for that price you can afford to throw some $$ at it and have a great muscle car/truck. The '70 model with the quad H/L setup is really popular. I have a '71 Chevelle SS coupe that is currently snoozing in cold storage awaiting the spring thaw. (So am I for that matter, I hate winter !) Try going to
www.chevelles.com and do some looking around. Great website similar to our own truckboard. I'm sure you can pick up some tips there about what to look for as far as rust prone areas, parts availability and such.