If regularly flown by a group, it is more likely that issues have been resolved as they came up.
Look over the logs with a mechanic experienced in Grummans. There is a type club. Check with them and consider flying over a mechanic.
Provided no glaring issues raise their head in the logs, book a flight with an IFR pilot to check out the panel. You will likely be in the back seat as an owner and your experienced IFR pilot will be in front.
Perhaps some avionics are inop and the aircraft is no longer approved for IFR. But if it is, it may be well worth while keeping it that way.
In the pre GPS days (aka Stone Age) , the panel would be considered pretty good for IFR.
Converting to glass could cost the asking price if not more.
The glider folk put a PDA, iPad, Dell Streak whatever on a RAM mount. Lots of software available including moving map showing airspace plus you can take it home and load up your flight plan.
Best of all you don't need to go through the CAA approved modification process.
As for paint, it's been kept outside
When you want to spend money, research Eastern Europe for a refinish.