88 Turbo bird, timing belt and other questions

[Texan25]

Hello, Just looking up on some info about the 88 Turbo T-Bird. Some of you may know of the 24 hours of Lemons. While hitting up the Craigs list, I found an 88 T-Bird Turbo for sale. 5-speed stick. The price is very attractive to the Lemon's $500 limit, but the timing belt is broken. Curious to know how much effort it takes to replace it, and also, what sort of possible damage should I look for?

Also, I need the cold hard truth on the pro's and con's of these cars. Gotta know about any weaknesses, so I can address them (if I get this car) for the race.

Thanks guys.