Gordo,
Those cars look pretty rough to me! Personally I would have thought that a more solid car would be a better starting point. It is incredibly frustrating when every panel is rusted or bent. However, you may be very much more skilled that me.
My first TR3A was a complete wreck, although it was a Californian car so reasonably rust-free. It took me 8 years to rebuild and ended up costing me more than ÂŁ20,000 ($40,000). I sold it for ÂŁ11,000 once completed.
My next TR3A was a runner and I bought it for ÂŁ5,300. So far I have owned it for 16 years, rebuilt the engine, fitted an overdrive gearbox, had some old accident damage repaired to the rear, crashed and rebuilt the front! I have continually repaired, replaced or rebuilt bits on it and so far it has cost me a total of ÂŁ11,500 (about what it is worth). I have enjoyed every moment of both experiences, but I have to say when I was rebuilding my first TR I really wished I could be driving it.
I think there is also quite a bit of luck involved with how good or bad your project car turns out to be. You wouldn't believe the list of things that were wrong with my first TR!
Let us know what you decide.
Nick