If you're really set up to do restoration work, and want a show car, it could be a great project. If not, it's probably less money to buy a presentable driver as CrownVic55 said.
I bought a '65 last year for not much money, but it literally took years of looking online to find a reasonably solid driver with a good drive train (that mostly needs just cosmetics) at that price.
Sorry about the pointless trip, though. I almost bought another out of state T-Bird last year where the seller tried to misrepresent the title status, so I feel your pain.