NOT RECOMMENDED FOR MOST- I bought a rust bucket Healey. I'ts been a blast and a horror. Invested a ton of time and decent amount of cash but I could recoop most of the expense by selling the parts I suppose. The frame rails were trash and I ended up fabricating new frame rails from box tubing. I was able to find box tubing with 1/8" thickness walls with the same height and width as the Healey's rails. This is really thick! I cut the box tubing down to mirror the Healey dimensions and then welded the front and rear scuttle on. I was able to save the center cross piece but had to purchase the outriggers, the back and front cross pieces, engine mounts and and suspension mounts and new outer and inner sills. The suspension, engine and tranny are in and with a few mechanical tasks, I will have the car running. My dimensions seem fine although my rough hanging of the body revealed the fact that I am going to have some fun getting the panel gaps perfect.
Bottom line was is worth it? Yes and no. I didn't have the money to buy an easy restoration candidate but have been able to parcel out money as I move along. Certainly this process is more expensive in the long run, but if this was a financial transaction, I was wrong from the get go.
Since you bought the car, think long and hard on what you what to do before you start. There were many days when I looked at my check book balance, the welding sun burns on my face and wondered what on earth I was doing.
The smart move is to keep or sell the good parts and buy a better candidate. Smart moves are for business and family. Save the bad moves for hobbies.
Good luck-
Kmeyer