sounds like a great deal to me, you could probably get twice what you paid for it by parting it out, but it sounds like a good race car project car
strip everything out of it now to make it as light as possible, then throw in a stroked 351 and a C4 and your ready to go rompin!
------------------
88 Notch, B&M Ripper, 3.73's, Ported E7's, Explorer int. w/ ported lower, pulleys, 1.7RR's, BBK headers, off-road H-pipe, flowmasters, subframes, 65mm TB, March ram air ,MSD coil, U/L control arms, 155lph f/p, Crane Adj.FPR, Nitto drag radials, best 1/4--> 13.76@101.4 on a 2.17 60ft