Advice on non-running '86 babyceptor

I've spotted a non-starter on craigslist that I'm considering making an offer on. I've read a few posts on this site about things to look for, but would appreciate more suggestions.

I assume the bike will require a full carb tear down/rebuild. I'm not afraid. I owned a '96 VF750 several years back. Never did any major work on it, but I'm familiar with the make/model. Obviously will need to get a manual for this. Other engine problems to look out for?

I've read the gas tanks have a tendency to rust. Is it highly likely or just a possible that'd I'd have to do a complete make over on the tank too?

Fork seals probably shot. Are seal sets hard to find/spendy? What about new aftermarket springs? I might want to flog her on the track from time to time and stiffer springs would probably be a good thing.

What about the resistor/regulator? I did the PC fan upgrade on my VF750 and never had any problems with it. Same deal on the VF500?

I'm reasonably mechanically inclined and have space/tools in my garage to work. I'm in no hurry either because the 2nd love of my life ('05 Ducati Multistrada) is in tip top shape.

Finally, given all the above, what should I pay for a non-runner otherwise in good condition? I'm thinking no more than $500 depending on how it looks. Assuming <$1500 in parts/upgrades that'd be under $2k for a nice commuter/track tool.

 

I recently went through a similar process, although mine was running, so I paid a little more. I removed the rust from the gas tank through electrolysis (you can see my post here http://vfrworld.com/forums/first-second-generation-1983-1989/16164-my-science-project-removing-rust-electrolysis.html) then coated it with a tank epoxy from caswell plating. Cost less than 50 bucks to do that, just some time.

Fork seals I got from Service Honda for around $62 shipped if I remember correctly and easy enough to do if you know what you're doing.

 

why bother when you could pick up a decent '86/'87 VFR 700 for about $1500-$2000, a MUCH nicer bike??

 

Interesting. Maybe my 11 yr old could help me and get school credit...

 

I dunno, because I'm a gluten for punishment? Actually, I like the idea of the smaller engine/weight. Would be easier on tires at the track and I might get my wife interested in riding on a 500.