2001 navigator lost oil pressure.

I have a chance to pick up a 2001 navigator with 115,000 miles for a very cheap price. The owner says it lost oil pressure then had to be towed, and he hasn't touched it since. He's not the mechanical type so he's had no interest in troubleshooting.
My question is, is it worth it for me to pick this thing up and try to bring it back to life? The purchase price is under $1000. And did these years have the oil pressure switch that shuts off the fuel pump relay to prevent engine damage?

Thanks, Bryan