I figured I'd post up here about it as its ratty and wont be a full restore job, I'm keeping a log on the 311s.org as well.
My current plan is just cleaning the car up a bit, killing rust and repairing the body, replacing the missing parts, upgrading the brakes, and adding better lighting.. Looking at replacing the front fenders with fiberglass, as they are the only spot with damage that isn't rust.
The 1600 motor in it turns over and also has a spark, I'll be installing the carbs later, my plans for it are unsure as the KA24 is a nice motor.. but I'm also considering supercharging the R16 and just having fun with the original motor for now as it looks like it was a fresh rebuild.
She looks a lot worse then she is in these pictures, this is the day I got her home.
Here are the pictures from the ad I saw it on.
http://fox.vip.warped.com/img/311/CLad/