Any thoughts/input on the following terrible idea. Purchase a Miata as a project/beater/autocross car?

Here's the lowdown on the subject vehicle:

1999 with 130k on the clock. Top is allegedly 5-6 months old. Claims to be on lowered springs.

The bad: engine is "locked, will not turn over." It's also missing the stereo, which I don't care about.

Asking price is $2,000.

I am pretty handy when it comes to wrenching, but have never undertaken any major mechanical repairs on an auto. I have changed brakes, replaced exhausts, installed intakes, coil packs etc. Never replaced a seized engine.

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If I could get this beater for $1,000 would it be a good learning experience that would one day leave me with a nifty little track machine. Or am I just going to be out $1,000 with a bunch of parts filling my garage, a giant paperweight in the driveway, and an annoyed wife??

Wheeeeeee, pic for fun.