I restored a 1000 a couple years ago. Here's the thread so you can see what you might run into:
http://www.onlycubcadets.net/forum/s...to_threadtools
It started out in similar condition to the one you are looking at, didn't run, was well used. I spent a lot restoring it, but I added a creeper, tires, etc. Probably put $3000 into it. Rebuilt the engine, repainted, replaced nearly all wear parts throughout. It's basically in new condition now. You won't need to go overboard like this, perhaps, but as I take things apart, I can't seem to put worn stuff back and wind up replacing more than really needed to get a functional tractor.
Good luck with your project. It's one of my favorite tractors (after my 108) and it is by far the quietest of all the tractors I've worked on. With a 42 or 44 inch mower deck, it would make quick work of your yard. I cut an acre an hour with the 108 and a 42 inch deck.