Reliablility

I am in the market for an auto x car and i have come across a 1988 daytona with a little less than 180K. its being sold for $500. the guy said that the person he bought it from claimed to rebuild the trans, and the clutch is newer. what is your call on the reliability of this car. and is it worth it for 500 dollars. remember the car is going to be driven primarily as a track car.
also it is a 5 spd, t-tops, so i may find myself driving it around town on a nice summer day with the tops off.

where are some key places to check when i look at the car?
what are some things to look/listen for when driving it?

any info on these cars would be great because i dont know what to expect.