Zitch,
As in any hobby, an LBC will be a labor of love. Looking at the pic's you'll have money you'll need to invest - but unless you are looking for a concours show car, since it is already running and rolling, you can do that as you go. In my humble opinion, getting into the game is what is important. You'll spend some money, no doubt about it, but I think the $3500 you'll be investing initially is in the ball park of its value. I'm sure you can hunt around for something an find cheaper cars in similar shape OR hunt around and find more expensive cars in worse shape. Do your research, due diligence and follow your gut. I personally feel it is a decent value for what you are getting and a much better launching point than a lot of posters have started with.