1984 Honda 650E B.O.A.T. or bike?

Had a chat with a friend today. She apparently found oil in her coolant on her dd. She picked it up a year ago and no probs until now.
Initial ideas would be water pump or head gasket? Either way, just to find out is gonna cost her more in shop fees than it's worth to her. She just put a new Spitfire on the back, maybe 10km on it, and she's asking $300.
I figure wtf, I've been wanting to work on one of those engines for a while, and I should be able to sell of a bunch of stuff I don't want on it, to subsidize the build. Then flip it if I don't fall in love with it?
Just worried that it'll turn into a boat situation, (break out another thousand). I know a few of the guys on here work on these a lot, wondering if anyone's got any advice or warnings about them.

Thanks in advance

That is the CX650 right? Head gaskets are a piece of cake on those. Water pumps are not much harder. Shit you could get the parts, swap those out in an afternoon and ride. New oil and coolant and go. Now if it is a crack somewhere, that leads to more time and $ if the head is cracked or the crankcase etc. PM cxman, he knows a lot about em, and I think the 650 has the best reliability and the flaws all fixed from the earlier model 500's

Thanks for the reply. She's decided to try and give it a go with the help of the guy that sold her the bike. I'm rooting for her, but I've heard so many good things about those engines that I'm kinda hoping they get frustrated with it and give up :

I guess I'll just have to be happy with three bikes to work on for now. Although there is still that Seca Turbo down the street... ;D