My brother had two of them. The biggest issue will be a good inspection before buying - I would definately take it to a local shop (or even a Midas) and put it on a lift and inspect the bottom of the car for damage and the frame for rust. If just looking at it you start seeing sagging springs, nonoperatable electrical items (wipers, blinkers) and cracks in the fiberglass I'd pass. Those will turn into a never ending project. Painting them isn't much more expensive than other vehicles - a good paint job flat costs a lot no matter what the vehicle is.
Performance wise in stock form they were nothing to brag about - but in the last 10-15 years you can buy even basic performance parts that will serious wake a 350 up. The C3s are much lighter than current Vettes (and current cars in general) and even a basic replacement Good Wrench engine like I've linked to will give it serious performance.
Back when they were "new" they were viewed as expensive to own - which they were. But current autos are much more complicated and make something like a 79 Vette almost quaint when discussing repairs. In 79 they were rated 210 HP or so (maybe less for an L48). For comparison my mini van is rated at 270hp.
The one my brother had back in the late 80s had all the emissions stripped off, new heads, cam and a Edlebrock carb and intake. The state of Oklahoma clocked him at 155 MPH with a helicopter. He had no idea he was going that fast - he just liked the song on his radio and was getting into it.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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