Yes, for sure. (easy 100 in a few parts) That rust will clean up. Hope the brake is not rusted into the drum. I have one like that and cannot get the brake out.
Bargain, get it quick !!
Definitely verify the motor runs and look in the drum at the brake. Those two items are the costliest to replace and would be a deal breaker for me. You will have to most likely throw a few hundred at it to make it good but at that price that is certainly worth it.