Looks like a great option for a quality electric Bob. If it plays nicely, then anything can be done. If it doesn't, you just want to make sure that the truss rod isn't maxed out which happens on some old guitars that have been difficult to get into playing condition. That'd be an expensive fix, I think.
But the bridge can always be replaced, as can the tailpiece - and you're not talking a lot of money.
My advice would be to get that thing and put a humbucker sized P90 in the bridge for both raunch and subtle fingerpicked stuff.
And according to the specs seen here:
http://s93105080.onlinehome.us/Ibanez-Catalogs/catalog/1983-84r/20.jpg
It's got a flame top (although they might be conveniently leaving out that it's veneer) and has an ebony board. Sounds like a class guitar to me.