Welcome, and good question - of course as in all things British Car and life related, the answer is, it depends.
First of all, do you want to wrench or do you want to drive?
If you want to drive buy a driver - I know that sounds obvious but you would be amazed (or maybe you wouldn't) how many get stuck in projects that never get finished when all they wanted to do was drive.
As a general principle, you can't restore one for less than you can buy one, so, typically the advice is - buy the best you can afford.
MGs are like buses - there is always another one coming.
Having just loaded you down with cliches
- you didn't mention the price, and you didn't mention rest of the condition.
for sure head gasket and maybe more
if it has been sitting fuel system and brakes and maybe clutch.
do they use salt in Iowa? how is the body and interior?
So many questions and so few answers.
I would be remiss if I didn't mention that our own Mickey Richaud who is not you next door neighbour (Tennessee) but not an impossible distance either has a B for sale that is a very nice car -ready to go.
https://www.britishcarforum.com/bcf/showthread.php?116698-73-MGB-Tourer