That sounds like a great motor at a great price. On the chipping and insurance issue it's best to contact your insurance and ask them if it would have any effect on your premium and cover before you go ahead with it. Some insurers aren't bothered and it changes nothing just as long as its declared. Others will up the premium or refuse to insure. If you don't declare it as a mod it can potential be used as a way to wriggle out of paying a claim. I'm running a 58 exclusive with all the toys aswell perfectly reliable car. It is slightly smaller than the mk1 and facelift cars,I'm 6'3" and fit comfortably in the back with the front seat in my normal driving position so it's far from camped in there. The finish and feel of the interior is huge leap from the older cars you'll be very happy to spend long drives in it.