84C10

Hi every one,
I am new here and had a few questions. My freind from highschool has always wanted a fox body 5.0. However since we only graduated 2 years ago money is some what of an issue. He has found a pretty good deal on one that i have some questions about but first alittle about me.
I am a chevy guy as you can probibly tell from my sig. Our family has always had great ford cars but i just have never liked them more then a way to get around. Last year a ride in a 2004 cobra changed that some. Man even being stock that thing could move. Well I have yet to buy a Ford but my freind loves them. He has a ranger that we mess around with but he has always wanted a stang. The old fox body mustangs never impressed me one bit. I thought they were ugly and just too 80's. Hold on... after checking one out yeterday that has changed. The 5.0 and the weight of this car seem like a great combination for speed. So while i still don't like the styleing they do look like a fun car to mess around with.

So now for the car:
1986 GT 5.0L 5 speed and highway rear gears?? 308's??
The car reads 93,000 but we think she rolled over once so 193,000
has a clear title
motor was rebuilt at one time
runs GREAT after sitting for 3 months it fired right up and idled great!
Starter is not engaging
header is leaking
it is fuel injected
right rear wheel locks up when brakes are used
newer exhaust system
Now the body... hmm it has some holes. worst I found was on the door jam bottoms near the rear corner area and under the front body just behind the front wheel ( not the fender but the under body). Front fenders are okay. doors are rotted at botoms so i will replace them. Hatch works but has seen better days. Front strut towers look solid.
$ 500.00

So what i was wondering:
1. what is common problem areas with this car?
2. common rot areas?
3. (I will search for this) How hard is it to swap to a 93 style or look.

Thanks for the help and advice