Is this a good buy and restore project?

[72power]

My neighbor wants to sell me his '72 chevy truck. It has holes on either side of the cab when you open the door, like in between the floor and bottom of the door. He put a new bed on it cause the other one was rusted through, and theres about 2 or 3 rust holes on the front. its got the 350 motor in it with some mods done to it that he was extremely vague about. He said he had it doing 100 in 2nd gear though. So i was wondering if it was a good buy. Ill try to get the pics from my phone up later.