With $100K and whatever you can sell that running rusty project for, you could have a really really nice original paint car that has probably had a top end rebuild and is fully sorted and sealed. Original paint means probably no rust and no bodywork. You’d be driving and enjoying right away. That’s exactly what I would do.
Good luck in your decision. I know Cobalt is encouraging you to take on the resto, but speaking for myself, I don’t have the experience or skills that he has, so I’d either flounder in this restoration for years at a slow pace or end up paying a pro more than I ever should to do the work. But as they say, “that is why nobody will remember my name”. True, but each day I get up and drive one of three fully sorted, low mile, original paint 911s/964s and I think that’s a good life.

 

I appreciate the vote of confidence and assistance! If I decide to take on the project, then what better way to start a build thread than right here?

 

Your car sounds like a Moisture damaged vehicle. Here's my 91 I bought back after it sat for decades. Not a flood but water leaking into the car with 12 volts.
1000 hours later 6 digits in parts, But 38k miles. Now the car is New and exactly how i would want to buy one. A/C would be nice though.

 

I will say this blue one looks a lot worse than my Turbo that sat for 20 years.
May be this always sat outside and they ran the car this way.
I wouldn't run that engine without taking it apart and inspecting all the oil and Rocker Arms.
A large % of the Top end on these engines is exposed to moisture. The Rocker shafts. Valve covers can leak water.
So don't run it until you take the valve covers off for inspection. See if the oil turned to sludge. Mine was black sludge.
Oh and end result....