I offered $2800 for a 58 MGA that is dry, is missing all exterior chrome including windshield, and has no major body damage. Interior is all there but shot. The fenders, doors and back are straight, some funky nose repair will need addressing. The engine turns but has not run in 10 yrs plus. The owner accepted. I am now having second thoughts. I think these are really beautiful cars. Should I cough up the dough?

Well, restoring an MGA costs about as much as restoring anything else, esp. things like interior work. If you want an "original" restoration, you're looking at a lot of parts hunting. The B-series engines are plentiful, simple, and easy to work on. They're also not all that powerful pretty much no matter what you do to them. SUs are really nice drivable carbs when they're in good condition. However, they're cheaply made and wear out quickly and difficult to rebuild (throttle shafts have no bushings and wear their holes oval). Prepare to completely rewire the thing from end to end, and for the replacement wiring bits to be crap (unless you go non-original and get modern waterproof connectors and do the harness yourself). 90% of "British electrical problems" are caused by poorly designed connectors and slipshod work that doesn't age well at all.

Oh, and don't expect much in the way of handling or ride quality.