Classic/Antique Car Repair: 1963 ford fairlane, stuck piston rings, rust free

Question
I am considering purchasing a 1963 ford fairlane compact.The vehicle i am looking at has not been driven or started for 10 years.The body is rust free and has been resprayed professionally.The interior has been reupholstered and is in good condition. My question relates to the condition of the mechanicals on this vehicle after having sat for so long.The fuel pump failed immediately on attempting to start and once started briefly there was a significant amount of blow by from the left rocker cover breather.I feel this indicates further age deterioration in the whole car i.e. bushes transmission diff steering brakes etc.I am looking for a project car but not a complete restoration.Am i going to be up for a full mechanical rebuild? the car has done 80000 miles and only had 2 owners prior to being stored.What do you think.M.H. SYDNEY AUSTRALIA

Answer
With this type of question there is no right or wrong answer, only an opinion. So, with that said let me plunge into this mine field. The main question is are you looking for a car that will need a coat of wax, vacuum the interior, and may wash the engine down or are you willing to get a little dirty, well maybe a lot dirty. First off you say that the paint and the body are in good condition and the interior has been re done. Those are big plus items. Machinery can always be rebuilt but if the body is in poor condition that can be more costly than the machinery. The blow by from the valve cover may be an indication of deeper troubles like stuck piston rings or worn out rings, but could clear up after the engine has run for a few minutes, so you are a bit premature here. Now the fact that it started is a big plus as it is not seized and has enough compression to start. 80,000 miles does not scare me if the car has been maintained, that is the key. Now it all comes down to money. Is the car priced so high that there is not enough money to do the work needed? As far as being up for a full mechanical rebuild? I do not have an answer for that and that question can only be answered after getting the car running and driving it.
Brad