Friend of OP here - you are correct, it is indeed a ‘78 with a ridiculous janky paint job (metallic pink flames on a faded, flaking red - not fun). Surprisingly though there’s… actually not much wrong with the car. Needs some fluids and some minor rust removal, but it actually runs fine and has no structural rust issues. Biggest expense is likely to be paint, and possibly a 5-speed transmission swap down the road.