It depends what you are wanting/looking in a cruiser. What year are wanting. Some of these may feel like driving a farm implement or at least that is what they tell me when they drive a diesel 45 I own.
Preferably I like the ones that have not been modified, painted or molested and are complete. All original basically. When you get them like this, you see the dents, rust, and whatever else. Parts are getting harder to find. The more original the better. If it's not complete and cannot locate a doner, the 40 will cost a fortune to put back together.
Now if are looking for something to play on the rocks.....and don't need a hard top....this might be a good candidate. However, that paint job still scares me. It's worth what you are willing to pay. If it were me I would stay away. I know it's not what you wanted to here. The only other thing I can add is test drive different year 40's and read a lot of posts with mods and without, also gearing. Good luck on your journey.