spb350

I would give my left nut for a car like that

Raleigh Fehr

You mentioned one thing that nobody has addressed, and that's electrical. I had similar luck in picking up an '84 with 35k on the clock and had similarly been sitting garaged for close to 20 years. The issues I had were some "weeping" of fluids from both the engine and transmission for the first couple of thousand miles. But I didn't need to do any major overhaul, just waited and watched and the gaskets took care of everything.
On the electrical side however I have had numerous incidents even after getting it up and running. The worst was when the ECU decided to bell up after only 600 miles added on. This was the biggest expense as the unit had to be shipped back east for a full overhaul. The car was down for a couple of months so time, storage etc. added up to a couple of thousand just for that. Then I've had a few relays randomly fail as well but they can be fairly easy to trace and replace on your own. So ECU, new shoes, points plugs and wiring and then just the initial labor for a full look over, I think it will all fit easily into the $10k you were budgeting.
Great find, have fun.

TT Oversteer

Things you will certainly need to do:
Tires
Brakes: rotors, calipers, pads, master cylinder & lines
Clean and or replace: fuel tank, pump, filters, injectors
Battery
Trans oil
Engine oil & filter
Replace 3.2 carrera engine fuel lines
Spark plugs
Distributor cap & rotor
There will be more but the above is a minimum certainty.