It's easy to become infatuated with a P5, but I think you'd be much better off falling in love with a less molested one, even if it costs you another $1000. My mostly un-modded '02 has never once had a failed part... nowhere, not anywhere on the whole car. It doesn't even have one rattle or vibration, and I drive it like it was meant to be driven, aggressively. It will outrun almost everybody's who's added CAIs, ignition parts, exhausts and all that other crap.
My point is, there are some real jewels out there. This doesn't look like one of them. Keep us updated, and good luck.