the ac problem could probably be rectified fairly easily. as for the rust, that depends on if its rusted thru or its just surface rust that can steel wooled off and repainted.
$3k is a bit higher than normal, but it is an iX, which is kick ass. 2 LSD's
200k isnt that much on the motor, but i would probably rebuild it soon (im feeling myself coming on one soon).
maybe as a nice project car or something. . .