Supra Turbo needs rebuilt engine. Good buy?

I'm looking to buy my first car, and have been searching craigslist. I came across this 1988 Supra Turbo in pretty good condition (with one exception) for $2000.

That one exception is a doozy though, the rod bearing is apparently destroyed, and the seller says the engine needs to be rebuilt. This will be the car that I learn about working on cars, so I'm not quite sure how much of a hassle it would be to fix this. I don't want something to frustrating or expensive as I'm on a colleg budget here. :banghead:

So basically what I'm asking is if I can negotiate the seller down from a lower price, and how much I could expect to have to pay to fix the engine.

Here's the original craigslist post with pictures: http://peoria.craigslist.org/car/495765841.html

Thanks in advance for helping me out.