Will this be my next UV project?

Last Sunday on the way to the farm, I chanced upon an 80s Toyota Mini Cruiser at a vehicle lot. It's called a mini cruiser because it's big brother is the mighty late 70s Toyota Land Cruiser (first generation). Based on my assessment, the vehicle used to be a Philippine Army service vehicle hence that the utility vehicle (UV) is used is an understatement.

My novice analysis on cars tells me that I'll be spending in the the neighborhood of P70,000 to make the vehicle serviceable. Here's the list of possible expenses:
1. New Toyota 12R engine = P15,000
2. New set of all terrain tires = P15,000
3. Body works & painting = P15,000
4. Seat upholstery & canvas top = P 6,000
5. Registration = P 6,000
6. Miscellaneous expenses = P10,000
TOTAL EXPENSES = P67,000

I called the owner through his celfone and he said he'd sell the junk jeep to me for P50,000. Therefore the project would cost about P120,000 without airconditioning and unforeseen expenses which only a real mechanic can tell. I therefore conclude that it is not a wise project. A better option would be to get a 90s Suzuki Samurai or a 90s Mitsubishi Pajero which would cost in the neighborhood of P130,000.