First time caller, long time listener etc.
Yeah, it did look rough - not much puts me off but that was very borderline. I did go and look at a white early 4 quite a few years ago in Llandudno, so I'm wondering if it's the same car - it's possible. £50 I seem to remember it was, but I left it (and the LHD GTL the people had as well...)
My '72 is probably not much better. I bought it in 1994 (for way too much money) and ran it for about 9 months. The head gasket went suddenly not long after buying it and dumped half a ton of water into the sump, which did mega damage to the liners and pistons (it used to smoke like mad). Then the block froze and split. It was the first water cooled car I'd owned, you see... Anyway, I abandoned it in the back garden and bought a Dyane. It's still there, along with an automatic R8 (which has virtually disintegrated) and a rolled GTL which I was given. You can hardly see the things anymore for the brambles.
Out of sight, out of mind. However I do often think about digging it out, I went to examine it a couple of months back and the bodyshell isn't that bad considering. The chassis was a maze of patches anyway, most of which have fallen off. The plan was to use the early body on the GTL chassis and stick in a 1400cc engine (a lad in a neighbouring village had a red V reg 4TL with a Mk1 R5 Gordini engine in it - it looked like a scrapper and used to terrorize the Fiesta crowd... I was very impressed). So I dunno. I'm one of those idiots who just can't bear to part with cars, although I finally let the Dyane go a couple of weeks back so maybe I'm seeing the light slowly... I've only got about 10 at the moment...