Correct, but it's not like he's talking about buying an MGB GT, it's a run of the mill MGF, the effort and cost it could potentially take to put it back on the road makes it a pointless endeavour,
I don't think you really understand the main point of a "project"; generally it's a hobby, done because people actual enjoy reviving an old car rather than making money. A reasonably tidy MGF with a failed head gasket could be bought for a few hundred pounds and be back on the road in a very relaxed weekend of spannering.