Thanks everyone. 
 
Briefly, as I'm mobile for a few days (I'll respond properly when I get home);
Yes, I'm assuming it'll have problems. My first 2 cars were around 1980 vintage (VW Golf & a Renault 5) which each cost £500 or less. The Golf in particular took a LOT of work, especially on the brakes, to keep roadworthy. I did most of it myself or with help from friends who had things like engine hoists. 
The way I figure it (& with what little I understand of interstate vehicle rules this is the likeliest sticking point) if I can get it through a QLD RWC for a reasonable amount of money, it may be worth taking on. Yes, it 
all depends on what I find out when I eventually get hold of the seller (tried a couple of times but keep missing him).
The fact is I can't afford / justify several $K on an occasional use vehicle at present & that 300tdi Disco needs to be worked up to. 
I'm glad that everyone here has basically echoed my thoughts & concerns as it makes me feel I'm not overlooking some vital point - at least no-one's yet told me I'm insane! I think, anyway. 

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