84 drifter?

hey my friend is looking into buying this 1984 corolla SR-5 coupe to throw around a few corners. we are looking to see if this is a waste of time or if it will be worth buying.
its got an 4A-E motor with 219k miles on it
it wont pass smog because of some stupid little things that i cant remember
the vin that i got off the car is JT2AE86SEE0054487 but carfax.com tells me that it is invalid (guess i read it wrong)
the interior is kinda screwed but useable until we rip it out and throw in some race seats.

what kind of price would be fair for the car

and what are the differences between this one and the 86 corolla

come on people i need some info please

I wouldnt pay anything over $400 for it. Are you going to put a new engine in it?

my friend wants to throw then engine trany ecu and all that from an 86 into the car
will these things bolt up to the driveline
should that be replaced too ... with what
give us more info please