My opinion differs from that of JackA and Scott and it could be that I am not as well informed as they are.
Asking prices seem to have gone up significantly for nearly all vintage Land Cruisers in the last couple of years. I can't recall having seen a complete LV for sale for less than $5k in well over a year. On the rare occasions when I have found LVs near to me listed on CL, even the ones not likely to be good donors (engine missing, lots of rust, interior gutted) much less restoration candidates, have been advertised for $7k-$10k. Perhaps I somehow overlooked them when I was searching for one but I can't recall any complete and running LVs that were listed for sale on mud (or Pirate) in that price range in the last couple of years.
"Restored" means different things to different people. I think it is important to note that some of the ones that recently sold have had some modifications (i.e. 2F or diesel motor, 4 or 5 speed transmission, A/C) that most certainly improved their drivability. As evidenced by the Meacum auction, at least two "collectors" assigned a higher value to the LV being auctioned as it appeared to be somewhat close to factory/stock condition.
With all that said, I find it unlikely that a LV that has been used as a daily driver hasn't had modifications over the years to keep it on the road and to improve the drivability. I think most of us have heard horror stories about "restored" LCs that were imported and which turned out to be something other than what had been described. Perhaps with pictures some of the experts in this forum could point out things you will want to know when deciding if you'll proceed and how much you want to offer.
Best wishes. Please post pics, whatever you decide.