Hi Mark,
Wow! Congratulations on your find! I hope you get it and someone like yourself, who has successfully completed a TR restoration, rescues that car from a slow death. If you decide not to tackle it, I hope you'll let us know here in case someone else is interested.
I think you'll find a TR2 is easier and simpler to work on than a TR6. They were essentially hand made cars, so the fit and finish tends to vary a bit from one to the other, more than the later cars. Of course, the rear suspension is a lot less complex. The ladder frame is generally durable and only shares a few problems with the later IRS cars. The steering is possibly one of the more problematic areas, but there are some possible modern improvements.
If the frame was stored off the ground and indoors, it will likely be in good shape. I picked up a TR4 frame for my car some years ago. The seller had lifted the body off , removed most of the suspension and let the frame sit on the ground. It was one week between the time he pulled the body off and I picked up the frame, and was in the very dry Summer months here in Calif. In that single week, the frame, no longer protected by the body and lying on the ground, went from nearly pristine to lots of surface rust. Virtually all the original, 40 year old paint seemed to disappear. In another two or three weeks it would have been ruined. So, as long as it's been "in a barn" and stored with a minimum of care, I'd hope the body and frame are relatively good. What might be of more concern is the engine, gearbox and diff internals. Bare metal that drains of all protecting oils over a long period of time can really rust up badly, just from ambient humidity. So, be prepared in that respect. The same is true of suspension joints.
One "good" thing about the earlier TRs was the open breathing crankase. The pipe that hangs down on the LH side of the engine did a nice job of coating the underside of the car with oil, which turned into "British Undercoating" over time. Depending upon what the seller had done before quiting the project, this might or might not have helped protect the car.
TR2 parts can be a bit harder to find, as compared to any of the later cars, especially relatively high production models such as the TR6.
There were many subtle differences between the TR2 and later cars. If you get the car, be sure to pick up any info you can from Bill Piggott's and Roger William's books. Ken Gillanders at British Frame & Engine might be a great resource, too. Last I heard, he still has his TR2 that he bought new in 1956 and it's considered the oldest one-owner Triumph. Ken knows the 4-cylinder TRs inside and out. He's been building and racing them for 50 years!
Hope you find a good car and get a great deal! Let us know.
Cheers!
Alan Myers
San Jose, Calif.
'62 TR4 CT17602L