Hi Patrick,
Sounds like a very good project, especially since you are familiar with some of the history. The club published and article on evealuating an MGB that had been left sitting for several years or any non-running MGB. It might help you as a good starting point for your decision on how much work is really needed. It was psublished in the February Octagon, which is available on-line at this site. It was also on the site as answer to someone's question, but I cannot remember in what catagory or when.
The main thing in thinking about how much to do or spend is rust. Most dents can be address with the sections on the car. If the floors and sills are solid, the scope and cost of a full body-off restoration is reduced tremendously and you may not even have to go that full distance of stripping the entire electrical and brake systems, fenders and suspensions off, especially if you intend to use this as a driver and keep it the same color.
Look-up the article and make your evealuation before starting. Ask questions on the board or write any of the Tech Staff. If you cannot find the article, write me and I'll send you a copy.
Good luck and welcome (back) to the club.
Art
chfwrench@aol.com