Would it be worth the money to buy a bronco?

I believe it is a 90 or 91, its a 5 speed transmission that just got worked on not too long ago. There is only one main problem with it. I was told the piston rings had to be redone or replaced. I guess it needs an engine rebuild??? It is a friends car that they didn't beat on too much. They are basically giving it to me, and have a guy to do the engine rebuild, he has it priced to do it for $400-$500. With all said and done, to buy the car and get it worked on, it will be under a grand probably $800-$900.