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I've started with worse before and ended up with a pretty sweet carat the end of it all!
Dude obviously understands what he is getting into and doesn't seem to be some jackass that thinks he just got a bargain.
For a bunch of guys that refuse to take their car to dealers because everybody is better then that and preach the whole "doing my own work is half the fun" concept you should get where he is coming from on this.
Now...if it was some fool teenager that came on here and asked "what do you think I need to do and I have $500 to work with" I would probably be right there with all the hecklers but the guy just wondered if there was any history.
OP I will buck the trend and say nice find and please keep those of us that are interested updated on your progress.
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Racecar spelled backwards is Racecar, because Racecar.
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