No no. Not necessarily. Just say the engine was 100%, interior was nice, wheels done BUT the paint was absolute shit, I wouldn't mind. I'd put that extra money into a respray and kit.
As for good paint already.. If it was black then I wouldn't respray it. However, I still don't like unkitted MR2s.
That's what I did with my last one. Paint was good all over except bonnet... So I resprayed the bonnet and added a kit. Chucked on new tail lights from Toyota (late model) and some clear indicators. Looked brand new. The only thing that car needed was decent wheels and slammage and it would have been perfect in my eyes.