Should I buy this '87 Brougham?

After thinking about what car to buy, I finally decided I wanted an 87-89 because of the 5.0 and body style. I have a '92 Brougham in mint condition I want to keep off the road winters and need a winter beater, so to speak. But I still want something I'll love, and I may have found her.

First off, she needs some TLC for sure, but has lots of good qualities too, first with the good...

-Interior is near mint with d'Elegance red leather. The only thing that doesn't make it mint are the red buttons which have faded to almost white. No cracks or tears in leather and armrests are all perfect. 1st owner must have been a heavy man as it does dip a bit on the side edge towards the back, but barely noticeable. All seats work 6 ways.
-Factory sunroof works like a charm.
-New paint by 2nd owner and present owner (friends). 2nd owner has many classic cars but bought a new car so present owner bought it from him. They both do body work and 2nd owner intended to keep the car, so they worked on it long and hard. Looks fantastic. Red firemist paint. Two minor rust bubbles, one around wheel well edge and another at the bottom of back trunk and underneath the hood edge.
-It either has 80k miles or 140k miles, I'll find out soon when I get the Used Vehicle Information Package from the DMV.
- New radiator, muffler, catalitic converter, heater (I think he meant heater core) rear shocks and brakes.

The bad...
-interior lights don't work, he thinks it's a fuse. Dash lights and everything seem to work fine. Even dimmer for dash lights was fine.
-He doesn't know if the cruise control works or what's needed to be safetied
-The VIN seems to be wrong... 1G6DW51Y0H9747111... I think the 51 is supposed to be 69 (4 door sedan), no, or does the sunroof have something to do with that?
-No radio, although the original might still be with the 2nd owner. I have an old pioneer CD player from my old '87.
-Needs a new top as it's seriously faded and cracked.
-He banged muffler on driveway and so something needs to be done there, as it is loud.
-Lots of rust under the hood with some surface rust on edges.
-Needs tires and rims, but not a big deal as I have brand new tires and rims off another car my friend will give me (the rims might look good on the car, we'll see.)

Seems like a diamond in the not too rough, and I'd be willing to put some money into her. Since it's going to be a winter car, I'd like her to be reliable. No doubt it will require some money, but it doesn't look like it will need a ton of work. But for the price, it must need work. She will be a winter beater and road-trip car though, to keep my '92 mint and low miles. I don't see many 87-89s with the factory sunroof.

Any opinions? Oh, almost forgot, after taxes and stuff, we're talking about $1200US, as is. Sorry such a long post, thanks to all who read and reply!!!