Brakes will probably need freeing of all round especially if the handbrake has been left on cables can seize and may need oiling, I would strip the lacquer of all were its peeling and use an orbital sander with a foam pad and G3 cutting paste on a slow speed to buff the paint up then get it uv clear coated after. The wheels should just be taken to a wheel shop were they will blast them and refinished to original.

Have a look at the website "how many left" and it will show about 3thousand mk1 last I looked, 5 years ago it was 6 thou so most the bad rusty arched ones or blown engines have gone so prices are only going up, I bought a 5th gear poping two wings missing dent in the rear and two cracked sills with missing drivers seat etc for £900 so £250 is a bargain even if you have to brake it up for parts easy to get the £250 back