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Looks like complete raw materials for a frame off if the price is right.
Check that birdcage really really well. The seller mentions a broken windshield. Advanced windshield frame rust will crack the glass on its own. Might be broken for other reasons, just check it out.
From the pics, it does seem to be good restoration material if you can get it for a good price.
I'm all for project cars, but your starting materials with this one aren't exactly top notch. The body looks fine, but everything else is average to junk quality. The motor is seized, so you won't have a matching numbers car when you rebuild it - that adds a significant amount to the cost of this project (a new engine) and subtracts a lot from the final value of your car when you finish. That also suggests that the owner didn't take car of the car, so you have to assume that the other powertrain components are fairly worn as well. The interior needs a complete overhaul as you can see from the pics.
Keep looking, my friend. There are more worthy projects out there.
Be very careful buying sight unseen ebay cars. I know of people who got burnt badly this way. One question that come to mind is why didn't it sell locally for that price? I don't think there are any places left in the USA where corvettes aren't known for their potential value. If the car was that good at $3,500 if would have gone quickly locally.
Gary