Looks pretty good and the price seems fair.
http://chicago.craigslist.org/nch/cto/937853806.html
If the body is going to need little more than paint, it;s not too horrible. From the ad, there isn't a clue to the interior, but you can bet that it's shot. How about the accessories? are there any? If so, are they there?
Whatever you do, you'd probably need to rebuild the front suspendion and steering. The chromium doesn't look too bad, and may be OK. I'd have to see it and drive it too. I feel that this "barn fresh jewel" should be priced more nearly at about 5K. You'll probably have to sink about 20 big ones into it to have a nice piece.
The '40-62 is a handsome car.