Turbo Boxer:
You didn't mention your abilities with regard to bodywork, mechanical, electrical etc. This, in my opinion, is a strong factor in deciding whether or not to get a less than perfect car.
If you are totally ignorant on body working, I would pass on anything requiring pulling dents, replacing metal, repairing rust, broken doors, etc etc. The amount of money you would have to spend to get these items taken care of piece by piece in a body shop would put a nice down payment on a house, maybe even in the SF area. If you were to pick up one of these, I would recommend you take it right to the best body shop you can find and give them lots of money and carte blanche to effect whatever needs repairs etc. Expensive, you bet, but not as much as doing it a little at a time. Granted, if your budget doesn't mind $1k every other month for the next couple years, as opposed to $8k right now, then go for it.
Mechanical and Electrical ability, again the same advice applies. Although with mechanical, you can find a good mechanic that will fix your car to what you want. However, if you are planning on doing an engine transplant, turbo install, Nitrous, oil cooler, etc etc, then you might have the same problem as with the body work above.
Electrical experience? Sounds simple, well, unfortunately the Z cars are notorious for their electrical problems. Look at some of the posts here and at zcar.com and you will see that even some of the so called "guru's" are also baffled about some of the problems reported. Granted some of the people could use a course in how to write, let alone how to describe their problem.
(Descriptions such as: Yesterday I got in my car, put the key in, turned it real SLOW, and all of a sudden PSSSSST!! and smoke came out of the fuse box area and the ignition. Now the car won't start, any ideas as to what could be wrong?)
LOL
The kind of experience you have will determine if you need to look at a car that has already had someone spend the time and money to get it past the trouble spots, or if you want to tackle a frame that needs metal replacing along several rust lines, a wire harness swap due to a bad stereo install as well as fixing an aborted turbo swap into a 240 while still maintaining the original 240 tach but yet using the 79 distributor.
If you're looking to get into a Z quickly, and be able to drive it all over the place in a relatively short frame of time, i.e. like buy it now and be done with it this summer, then I would suggest you look around and get a car that has had a lot of work already done to it. The amount of money and TIME you will save in the long run will definitely offset your investment now. If however, you don't mind having it be a Garage Queen for weeks / months at a time, then go for restoring one.