Go take a look if you can. Sure the MOT history is fairly exciting, but it does keep passing so you'd like to think that jobs have been done. And the underseal thing, well, I'm no fan of the stuff, but it might have been done for the right reasons. And let's face it. A 25 year old Italian car for that sort of money will want money spending.
If it were me I'd be working out my budget and what you want the car to be (show car, daily, etc.). Then deciding which end of the market you want to jump into