I should have added this:
Very first thing you need to do when you talk to the owner is ask why it was parked. For all we know it could have a rod laying in the pan

Trannie could be shot. Big ticket items that would take you a long long time to save up for not to mention the other things that ARE wrong with it.
At a minimum, you are going to need to replace all rubber brake lines, replace/rebuild brake cylinders, calipers and master cylinder, ignition system parts (points at minimum), belts, all fuel lines, rebuild carb, inspect pump, clean gas tank, replace all coolant lines and water pump, replace engine oil, replace trans fluid, replace rear end oil. Inspect wheel bearings and re-grease. Replace all tires. Grease all fittings (don't forget U-joints) Basically any fluids or grease need replacing and any seal or hose that carries fluid needs replacing.
I've brought back many many cars that have sat for years and can tell you from experience that if it holds fluid, its going to leak. Maybe not right away, but in the near future.
First thing is to see if it even runs. If it runs OK and you want to proceed with the project, WORK ON BRAKES FIRST. If you dont take in anything else in this post, take this in: WORK ON BRAKES FIRST. Here is why: If you get the car to run, you are going to have an overwhelming temptation to test drive it. You may have a good brake pedal to start with but when you get that beast moving, that is not the time to realise that the lines are swelled shut, or a cylinder is about to puke a rotten seal or one caliper is frozen, sending you off to the left or right with a quickness.
Do not be discouraged by all of this though. Just realise up front that it is going to be a project that will not have instant results. It will take time and money. Possibly alot of it. It would make a really cool first car and it would be a great way to learn mechanics by getting your hands dirty with it. If you are going to drive a car like that, you are going to need to know what makes it tick and how to fix it.
Good luck and keep us posted. If you have any questions, post em and myself or someone else will be glad to help. There is alot of experience on this here board.