how bad is bad ?

My advice, based on what you've said ("not a rich man") is to try to sell this car, or this car plus the parts car to someone more skilled and just get a different car. The reason I say this is because you could dump a bunch of money into it, then get discouraged/overwhelmed, or run out of money, and then you won't get that money back when you sell later.

Instead of spending all that money fixing this car, I strongly suspect you'll reach your goal a lot sooner and a lot cheaper by just cutting your losses, and starting to save for a done car, or at least something much more done. The only reason I would not do what I'm suggesting is if this very particular car was the exact one you want. Like it has family history, or it's a 1 of 1 car with an option that means a lot to you, or something like that. Otherwise, it's just a car. Make it easier on yourself, save yourself the heartache and headache, not to mention damage to your wallet.

EDIT: I like 67Dart440GT's idea too, if you have the space to keep this car in the corner (inside) somewhere.

This I also have to strongly agree with, if you can get a roller that is clean you will be MILES ahead and with a lot more cash, less aggrivation, and like stated above you can get burned out very quickly without any cash to do the job, and to do it right. Also the thing about a car in that condition it really needs someone who knows how to do it right, and that is what it will take. If you can find a way to keep it but use the parts on a cleaner car I think that would be great, if not I would suggest selling and find a cleaner car if you can.