I you really love choppers, go for it - looks like you'll get a good bit of winter fettling from that one
Otherwise there are loads of projects to be had on
ebay for less.
It can be a lot of fun getting hold of a type of bike that you wouldn't normally go for, doing it up as a project and then seeing how you like it. I would never have bought most of my bikes at new/reasonable 2nd hand price and intended to sell them on, but a few have been so much fun they've become keepers, and they've opened up new types of cycling to me too.