Should I?

I have a friend who used to be an avid cyclist in the 80s and early 90s.  His old carbon fiber 7-speed Univega sits in his garage collecting dust now, so he's offering to sell it to me as a fixer-upper project. 

The chain and cassette are rusted to hell, and the rear derailleur might be salvageable with some steal wool scrubbing. 

He's asking $300.  I might offer $200. 

The paint on the fork is chipping pretty badly and the wheels are pretty rusty too, but it does have a certain charm to it.