Is this $1500 2001 ML55 AMG worth saving?

I have been following this car on auto trader for a while, and the owner recently dropped the price from $3500 to $1500, and now I am tempted. The car obvioulsy has some issues. The ones that are disclosed are: oil leak, fuel leak, and a decent amount of surface rust.

My question to you fine folks is whether this car is worth saving?

I am willing to pour some money into it to fix all the issues, but is this car beyond saving? I have a 2006 Z4 M roadster and I need to buy a daily driver in the next few months before winter hits, so I am interested in a car like this and I have some experience dealing with older, and unreliable, German cars. But I would only buy it if the car is worth saving and, more importantly, ifI can actually get rid of the rust or do something about it.