I would look at it and if you think it has possibilities get an Aircraft Engineer to give it a once over, remember he won't be looking at it throught the same rose tinted glasses you might be if your smitten
remember the Engine is expensive so if its not been run then you need it checking over.
Have you asked the PFA? I believe they do a service
http://www.pfa.org.uk/PF/2007/Apr%2007/HowToBuy.pdf
http://www.pfa.org.uk/index.asp