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For a vehicle this old, don't pay more than $750 to $1000. That price would be for a runner with no smoke and passing emissions. No holes in the exhaust and minor rust with no structural issues.
Tires should be fair to good and brakes should be working perfectly. Any electrical pertaining to the running of the vehicle (lights, gauges, etc) should be working correctly.
Any vehicle this old will be hard to find parts for and will get more difficult with age. If it can't meet the guidelines above, it's not something you should get involved with for a conversion or anything else.