Lawrence,
Good for you for peering!
Personally, I would take the chance if you can do a lot yourself, however, some critical parts are becoming unobtainium like the viscous coupling unit in the transfer case. If they seize or otherwise give up, there are no new ones available and ashcroft who used to provide rebuild units no longer have those in stock either. No VCU is a bit of a show stopper, though if they are locked up you can always remove the front prop and drive it as RWD only.
A recent thread on the forum has suggested that rover V8's can run up to 500k's but it is fair to say that at 370k the V8 will most likely need some attention. These engines had the dropping liners problem but with that kind of mileage perhaps that has already been fixed or it has one of the very few engines without that particular problem (then it's a keeper for sure).
The ZF gearbox can go a long time without a rebuild so depending on how it was driven (lots of towing and such) should not be a huge risk. Also, those can be rebuild still without too much hassle.
Chances are the EAS components have perished and need replacing which is a DIY job that is quite some work but doable.
YMMV but if it is a good looker and has a decent service history, it might make a nice project car. Just expect some items that need replacing to be only available from the wreckers.
Cheers,
-P
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