'62 VW baja

I was just offered a friends 62 VW beetle baja project. I figured with gas the way it is this would be a good investment and a fun summer car/project. Its already got the fenders stripped off and replaced with fender flares instead and a deeply dished in glass hood. It runs and drives but still needs wiring to the two dietz headlamps and a baja style trunk lid.

So is this a good deal for 1200 shaboozies and does anybody know what the fuel economy is on a stock but rebuilt 1300cc bug motor?