[The_bald_eagle_machine]

Hey there,
As a thirdgen guru myself. I spent 10 years in these cars, one of which being my first car and the other being my 9 year long build car. Many ways to look at this.
1. If you can get it for sub $1000... you could part it out all day and get $2500 + from the parts. I sold my 87 TPI, trans and diff for $1500 with over 100k miles on it. Thirdgen guys are fanatics. They will literally buy every nut and bolt off of this car.
2. Fix it up and keep it stock. It will probably cost more then it is worth to get it back into good shape, but if you love the car then money isn't the issue. You will get thumbs up everywhere you go. My 87 GTA was made up of 5 different colored body panels and people still absolutely loved to see that thing on the road. Nobody even notices me in the 5th gen.

As others have noted. Rust is not this cars friend. I almost guarantee the T-tops leak. But Metro makes a high quality gasket set that wont leak. (Trust me I have tried multiple brands). If the tops have leaked, then check the floor pans. When they get wet they rust, and they will rust all the way through easily. If it is a 305 tpi with t tops it may be a 5 speed, which is a huge bonus. If its an 87 then it is a Non-World class T5 which is very notchy but in my experience, stronger. As an Iroc, it may have the 9 bolt rearend, which is a BITCH to buy parts for, so you are better off selling it to an enthusiast who wants to keep their car stock and original.

There are so many parts to ls swap these cars. Speed engineering makes a set of headers and there 4th gen exhaust bolts right in as well. Alot of guys build very budget friendly LS swaps in these cars. Here are some pictures of my old GTA.

For $500 though... you can't go wrong. Slap some clear coat on it, ls swap it and you will hurt alot of feelings and turn alot of heads. I say do it!