This Saturday we met to take out the interior and take measurements for the roll cage. We also took the car out for a quick (slow?) spin.
We lifted the car to take a look underneath. The car is definitely in "good-enough" condition. One issue had been concern about a rusted out exhaust line. It turns out that at some point the exhaust had fallen off its hanger and the left rear drive shaft wore THROUGH the exhaust! Fortunately this happened in the final few feet of the exhaust system after the last coupling... should be easy to replace.
In the mean time in-line 5 makes a nice V-8 like rumble (minus all of the V-8 torque).
Teammate Steve finally got to take it for a spin: "Awesome!... It really is slow."