Worth Buying?

I am considering buying a 1964 1/2 Mustang 289 VC8 coupe. It's got matching numbers and has had 3 owners. The odometer readis 26000 miles but it has probably turned over. This model has air conditioning and i have been told it is a reare model. The body looks in fair condition. There is some bubling in some spots loke on the hood. On the rear left side quarter panel right next to the wheel well is the onvilible rust. Also there are a few scratches and minor paint eefects (like dripping paint before it dried). Its copper, but the origional color was green. Some of the chrome looks as if it needs to be redone but overall it is in fair shape. The interior is immaclulate for a car that is 40 years old, A few minor scratches and scrapes, but otherwise everything looks new. The trunk looks as if there has either been bondo used to patch up some places or it is a rust preventer because it looks like it was brushed on. Underneath i can see it needs a new exaust. The old one is complety rusted out. The fame and undercarrage looks as if it has been coated with a black tar ish substance. The car runs and drives well, maybe needs some adjustment to the suspension.
The seller is asking $8500 for the car and a engine and transmission off of an old 1968 302.
What do you think the car should be worth?
How much should the car cost without the spare engine and tranny?

Please get back to met.
mattserota@hotmail.com