I am sure there is plenty of room for negotiation in that price. Especially after it sits for a while. $5k would be a good price, IMO.
I think it's better to buy a car in nice shape than one for $1500 that needs paint, interior, etc, which the paint will cost twice as much as what you bought the car for. Then you are right back close to $5k, but with non-original paint, and a car that is still a little rough around the edges, and with high miles.
Any used car you buy will need a little TLC, for sure. Suspension, we all know will need rebuilt at some point. I have never changed the vacuum lines on an MN-12 I've owned, the Ford coolant hoses are EPDM, very long lasting, and there's only one belt. But I would replace the hoses, etc, it's just normal maintenance.
97 T-Bird LX 4.6 - 80k miles
94 Supra TT Auto - street/strip car
04 CVPI- Brenda's car - 76k miles
95 T-Bird LX 4.6 - fully optioned, owned 15 years, 220k miles
96 Cougar XR-7 4.6- Brenda's car, owned 11 years, 187k miles
88 T-Bird 3.8 - first T-Bird, owned 5 years, 206k miles