In the states here, I bought two for under $600 each and they had barely any rust comparatively. They were carbureted projects though, neither roadworthy. I think the injected ones are far more valuable. Some very nice ones have sold in the $13,000 range here I think.
In oz, ..... You can get a decent 114 coupe over here for probably $8000. Not concours, but a driver.
I reckon it is a dead end. Good luck, Drew.
Yeah, you guys are lucky with your weather - over here rust eats most cars very quickly. Looking into it a bit more, list price over here is quoted as £500 / $770 (non-runner & current state of my car) to £15,000 / $23,000 (for an A1 car) with concourse fetching silly prices above that. There just aren't that many of them over here I guess!
There is no way you could bring that car back from that state for 1400 pounds in oz - I am working on 111 coupes and the rubbers alone will set you back about $3000. Then there is bushes and chrome and interior and wood and paint and panels. Mercs are not cheap cars for parts, especially since MB has clamped down on suppliers selling the parts unbranded and undercutting MB.....I reckon it is a dead end. Good luck, Drew.
So its going to come down to parts availability and cost here in the UK. There are loads of cheap reproduction spares and panels about for my more modern W210, but I'll need to research this for the W114 I guess as that could be a killer.
That said I get a lot of my more 'general' parts from China for most of my classic/vintage projects - rubbers, clips, gauge rings etc. (and some chrome bits) are normally very 'standard' and once you know what your looking for (eg. a xxx cm 'P' rubber) and can be picked up for small change. The trick is to know what you're looking for in the first place. Strangely if you pick carefully rubbers/seals in particular are often as good or better quality than the licensed real deal - not sure how that one works???