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1979 320i gotchas ?

I'm trying to find an inexpensive, fun alternative to my '92 318i
for autocrossing, etc., next season.  I don't want to put the wear
and tear on that car.

I've found a '79 320i, which I can get for $900.  It has 124K miles.
It seems to be in reasonably decent shape.  Acceleration is quite
good.  The body has a little rust here and there, including some on
the rocker panels below the doors.  The very front of the hood is
dented, as if someone did a half-assed repair a long time ago.  The
interior is ok, but that doesn't matter much to me.  The car is
currently driven daily.

When I grabbed the front wheels and pushed and pulled, there seemed
to be a little play.  Does this mean the wheel bearings are completely
hosed, or is a little play ok?

I'm not sure with my hectic schedule and the owner's schedule that I
can get it to a real mechanic, so I'm looking for obvious problems
that I can detect myself.  For $900, I can afford to put some $$ into
it to make it fun for autocrossing.

				Thanks, Dave