Ron is definitely the master here, but.... that looks like a pretty neat little toy/project. Missing some components, but looks to have some of the others that you would need. As far as out of you skill sets, you can't learn if you don't try! I think if you could buy it in the $700 range and could source a reasonable priced used motor/trans it may be pretty neat. All that being said, if you consider your time working on it costing money, and/or if it needs a bunch of wood repairs, and/or you think it will be worth more than you will put into it if you sold it... just walk away.
Another thought, you could learn on it, not being worried of ruining a true classic woody, and then maybe use your newly developed skill set to take on a true classic or build your own "kit" woody from plans (I personally have a set of plans from Glen-L for one, hopefully it will actually get built one day!)