What he would ask is partly going to be based on what he thinks it's worth - "hey, it's a Ferrari, I won't take less than $30,000 for it regardless of condition". There are currently several late '70s/early '80s Ferrari 308GTB/GTS/GT4s with asking prices from the mid $20k to mid $30k range. Most appear to be in fairly decent shape, but taking a beater to the same condition could actually cost you almost double that - plus the cost of the beater in the first place. If you're looking for a fun project and like Italian cars, you're probably better off with an older Alfa Romeo like this one on ebay:
Alfa Romeo : Giulia Spider VELOCE:eBay Motors (item 170384923069 end time Sep-26-09 09:23:30 PDT)
Honestly, I'd love to have one of these little beauties:
Alfa Romeo:eBay Motors (item 140346623392 end time Sep-24-09 04:43:19 PDT) If I were to give up my Crossfire it would be for either an old Alfa or maybe a Lotus Europa.
Of course, if I won the Lotto I'd pick up one of these babies. I've never seen pictures that do this car justice - in the flesh it redefines "stunning"
Alfa Romeo:eBay Motors (item 180409428132 end time Sep-28-09 18:02:28 PDT)