Sounds like a good approach, and a good price to pay, you may have to spend a little time and money but that's all part of the fun, better than buying a car for more money and it turns out to be fucked.
I bought a white RWD for a similar price a few weeks ago, it doesn't run now either, but it did when i got it! Hopefully sort it out tonight as i have a squad of people coming round to help me look it over to find the problem.
There is a breather (kidney box) under the inlet manifold, it's a pain in the arse to see but get a torch and have a look or get the car up on a ramp/jack and have a look underneath, maybe easier from there.