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No, it's an '86. For the price of parts to rebuild it back to original and the amount of time you'd put in, you would be better off buying one in good condition.
It's like buying a $10,000 diamond ring for $100 because it doesn't have the diamond.
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I could go a couple of ways on this...
/forums/images/graemlins/hack.gif AS Corvettes go, $500 is probably a good price for a title alone. So if you had one that was rebuildable that had a junk title... /forums/images/graemlins/thinking.gif
/forums/images/graemlins/hack.gif Complete Street Rod or Gutted Out Dragstrip Monster.
/forums/images/graemlins/hack.gif Put it on a K5 frame and gut it out. Collect rough body panels over the years and Rhino Line them. I know some people hate car bodies on 4x4 chassis, but I think some of them are cool if done nicely. Not very practical for trails though because of lack of room for gear and tools.