Really cool find. I've always said, there's no telling what lurks in old barns around this part of the country. There could be a gold mine sitting just down the road, and we'll never know it.
I grew up around old cars and restorations. My father has done many, from 1969 Camaros to mid-1980s Mustangs to old pickup trucks. My personal feeling is mixed on restorations like this. I've seen guys take cars that are practically ready to be scrapped and restore them, and in my mind those cars are NOT original and are not as valuable anymore. I think there's a certain threshold where you'd consider a car to be original vs. a clone of the original. This car, being in many pieces, having been hacked up, and missing the entire drivetrain....eh... I don't know. I don't know that I'd call it original when he's done.
Having said that, he definitely needs to restore it and I hope to see pictures of it online one day when it's done. Really cool piece of history right there!