While I like the idea, and, assuming all the safety things are in place (brakes, suspension, steering, tires, etc.), it strikes me that insurance availability and/or affordability might be a consideration. I don't think insurance companies typically insure older cars for their true market value, unless it's through a collector type of policy, which usually have limits on mileage, storage requirements etc.
Can he do some of the maintenance and/or is there someone around that can help take care of it?
If the engine and transmission really only have less than 30,000 miles; it could be a good deal. From the five photos, it looks like an exterior restoration only; my two cents.
It'll be interesting to see how this pans out.