If it's something you want to keep, it's worth it.
I'm sort of in the same boat as you. I just picked up a 95 RS in trade for my Accord. The car was registered in another province, so I had to do an out of province inspection that cost me $1600 to get the car to pass.
New brakes all around, cv shaft, radiator, sway bar link, fuel tank strap, exhaust, wheels.
Mechanically, this car is now sorted out, but the body is ugly. It's from salty Ontario, so it's a little rusty. Nothing terrible, but still ,not as clean as something I could have bought from Alberta.
The car needs all the bodywork to be sorted and a complete repaint. It's also got 269 000km on it, (I think about 140-150k mi?)
But I like the challenge to fix up a car from a pile of crap and turn it into something nice. So really, it's all up to you, and how much time/money you want to invest in it.