It depends what you want to do with it and what your budget is. It would be worth it for a new bottom end with those miles. In my opinion I would look for a mint body if I was going to be doing body work.
I personally dislike the early 4.6L motors. The car itself looks nice though..
I'm not a fan either of the non pi motor but I was wanting it for cruising around in with the top down. Didn't know if it's worth messing with and fix the head gasket issue. I'm not buying it to race or make a drag car.