Damn that looked like a lot of car for $1k.
The only risk is that you buy it and then decide that you don't want to part it out. $10 k later, you have a nice 79 worth $8k and your wife makes you sell it because you spent all that money. You pull the new engine and tranny because that's where you spent all your money. You get $5k for that. Then you're left with a hulk in you driveway. Your wife complains until you can't take it anymore so you sell it on Craigslist for $950 just so the whining will stop.