Well being an S1 owner, and regular fixer i say go for it!!! if its cheep and you have a garage or storage then why the hell not? if money aint a prob and you got the time then theres no reason why not be weary about the bodywork, cos its an old car, even older than your S2, and it WILL have rott (unless your v.v.v.lucky!) all the usual places, underneath the back seats, battery tray, front foot wells under the carpet, sills, under all the bodykit, boot floor, frnt and rear chassis legs, front crossmember, inner wings. .theres not many places that it wont rust!!!

good luck