Man had a long reply to this thread and then my computer crashed before I hit "post". So I"ll try to keep it shorter this time.
I used 3 rolls of this product to patch the vinyl of my 83 fleet fwc I got in August. Works great. Had a lot of holes/cracks to patch so it took some time but I did this in September/October and the stuff feels stronger than the original vinyl. Not as pretty as new vinyl, but it works well and is a freak load cheaper.
http://www.amazon.com/Tear-Repair-T...UTF8&coliid=I1JIQP56HCPZ2&colid=3BDPBPSP55ZHZ
I expect you'll also want to re-seal the roof. The top edge of my vinyl was getting damp every time it rained until I cleaned out the old silicone/caulk and reapplied. I was told it is important to clean out the old completely since the new caulk/silicone won't stick well on the old. After scraping with a plastic scraper.. what I think worked well for me was finishing with a rubbing alcohol type cleaner and a scrub brush.
Another thing I did recently that you mentioned... was removing the water tank. Don't need to carry that much water on the east coast and I found it easy to connect a vinyl tube between the faucet and a 5 gallon water jug. Makes it easy to bring in or out the water jug. ie.. easier to fill and/or leave at home when I don't need it. Like when I'm only driving to work. That was a pretty easy mod. And it added a lot of storage room. The jug and a cooler is where the icebox use to be. The plastic of the icebox was so old and decrepit that the door fell off in my hand when I opened it shortly after buying the thing. Good riddance. A cooler works better and it doesn't have a huge colony of ants living in it.
$300 is a great deal for what you got. It will need some work, but it will be ALOT cheaper to do yourself. And when you spend so little on something it gives you alot of freedom to try all kinds of fun modifications without having to worry about breaking something expensive. Congratulations on your find.