Considering purchasing 1987 CHP

[Va 5.0]

I have done a lot of reading on ssp information, thanks to your website. I have always wanted one. I recently saw a 1987 CHP car for sale in New Mexico. I emailed the guy and he was not able to locate the buck tags but he informed me that the car has a calibrated speedo, the remote trunk release, full size spare, holes in he front bumper cover for the siren and it has a cheap paint job over the original black and white. It is missing the spotlights and the heater core is shot and he by passed it. I called him the next night and he went out in the garage and read to me the DSO code from the door label 72-0068 which would be San Jose.
He bought it in California in 1993 and has had it ever since.
He gave me the Vin and with this info I found the vehicle # or unit# that it had when it was in the CHP. In 2001 he put a motor from a mustang gt in it and the body currently has 267K on it, the motor and 5 spd trans have about 120K . Thanks to all the info you guys have about these mustangs or I would not have been able to verify it was a CHP mustang.
Since the car is across the country from Va, I was leary of buying a car from so far away. Luckily I remembered an old co-worker that lives out there and I was able to contact him. He is going to check it out for me. Hopefully my brother and I will take a flight out there and take a road trip back to Va. Worst case I could look into shipping it. I am in no rush, but I would like to take my time and restore it back to its CHP days.
My question is do you think that it is worth the $3,200 he is asking.