That will be a project alright. But when your done it will be better than may new. And will take 2 or 3 times as long to do as you think right now.
Having said all that and I have rebuilt 2 project trailers in the past. I would pass. Not because of the Fireball brand, they were very good.
Here is why I would pass as a project trailer:
Look at the color, very hard to match up the metal, stick with white. Look and see how low it rides. Many older trailers were driveway draggers and sewer pipes breaking on stumps or things close to ground sort of common.
If you decide to get...At home depot the other day they has 2x3's, not 2x4's. Would save a lot time cutting and messing around. Remove each screw in metal very carefully.(I think you might in the years of staples) But metal is pretty hard to get and places want a fortune for it. If you bend any metal when removing it, you'll see that bend forever.
For around the same price (what ever your going to pay, if not free) For the same tons of work you'll have to do you could move up several years and be able to get some parts better and match up things better. Just my opinion, which isn't worth much.
2003 Majestic 23P... Northwest travel machine
2013 Arctic Fox 25W... Wife "doll house" for longer snowbird trips
2001 "The Mighty Dodge"... tow vehicle for "doll house"