76 Cutlass info

A friend of mine has a 1976 Cutlass L-38, 455 auto with console shift. He
says all #'s match and was wondering what it would be worth totally
restored. He also says it has a rear anti-sway bar that required some patch
welding were it goes into the frame. He bought the car for $450 for a resto
project for his kid (the body and interior are fairly clean, no rust). Some
guy is now trying to buy the car cheap from the kid by telling him it is
worthless except for the engine and tranny. Sooo, what is it worth? Can the
repaired section of frame be replaced with 'new' (or good used) frame rails?
Would the car be worth doing that too?

This is a fairly rare car and would be desirable to an Olds enthusiast. I
believe this was the last year for the 455 in the Cutlass.

Per NADA:
Low Retail Value $2,531
This vehicle would be in mechanically functional condition, needing only
minor reconditioning. The exterior paint, trim, and interior would show
normal wear, needing only minor reconditioning. May also be a deteriorated
restoration or a very poor amateur restoration. Most usable "as-is".
Average Retail Value $5,531
This vehicle would be in good condition overall. It could be an older
restoration or a well-maintained original vehicle. Completely operable. The
exterior paint, trim, and mechanics are presentable and serviceable inside
and out. A "20-footer".