And if you cringe at the $65 PHS cost, I think you should re-think your investment already. You need to be able to hold $500 cash in your hand and then light it with a match... it has to be a labor of love for fgf's, not an investment.
I agree, get it checked out with PHS so you know what you have. It maybe better than you thought. It's a labor of love not a money investment ... yet.
$2500 sounds fine. If you like the car and the doc that goes with it then work em down but be prepared to "pay the man".
Make doubly sure rockers, floor pan and rear frame rails are good. Everything else is a lot cheaper to do.
You only $15k to $25k to completion!
Engine Test Stand Playlist: https://www.youtube.com/playlist?list=PLwoxyUwptUcdqEb-o2ArqyiUaHW0G_C88 restoring my 1968 Firebird 400 HO convertible (Firedawg) 1965 Pontiac Catalina Safari Wagon 389 TriPower (Catwagon) 1999 JD AWS LX Lawn tractor 17hp (my daily driver) 2006 Sequoia 2017 Murano (wife's car) 202? Electric car 203? 68 Firebird /w electric engine 2007 Bayliner 175 runabout /w 3.0L Mercuiser__________________________________________________________