Drives me insane when people can't even put a cover on a decent car when parking it for long periods of time. Even a $30 Walmart cover would have done wonders to preserve the paint.
As others have said, if you can get it cheap, go ahead. You could even swap the motor and trans into another G-body if the underside is rusted out.
I believe that it's better to store a car outside without a cover. Covers tend to trap dirt, loosen up and flap against the car in the wind. Left long enough without attention, a loose cover can wear the paint off of a car. Happened to a buddies fox body stang. Keeping the car clean and waxed is better for the paint IMO.