NA 32? I wouldn't pay more than $2.5k for it by the sounds of it. You could find a decent 33 GTS for that price, though NA 33's aren't common for sale, not to me anyways. Wheres the car located? BTW to get it on the road with no rego, you're looking at minimum $1K. Old engine, old engine, chassis with bit of rust, changing oils and wiring up reverse lights which shouldn't have to be wired up anyway?
Blue Slip - $60 avg.
VIIU (you might not have to do this depending on how long it has been unregoed for) - $455
CTP - $400-700 depending on age
Rego - $300~
Insurance - $400-$2k depending on age, fines, car, comprehensive or 3rd party
By the time you get it on the road, might as well buy a rego'ed 33. Not to mention that it's also been worked on. It would be hard to resell given that it's plated as a DET rather than a DE so people knows its been worked on.