Hi Chuck,
I do not think that the cost will ever outweigh the end results if your goal is to just make a fun, drivable car. If you set out to restore it to perfection, or as an "investment", you would be better off burying your money in the backyard... If someone is trying to talk you out of taking on the project, make sure it is not because they want to help you get out of this tough situation by taking the car off of your hands.
I came into my car inexpensively also, and I have enjoyed getting it mechanically sound, changed all fluids and filters, and then I have just driven it for the past year, while keeping a list of the things that I would do to it when the money and time aligned.
These are great cars for just appreciating as a fun second vehicle. They have a great shape and feel that even non-car people notice as special. Having worked on other makes, Mercedes is a fantastic car to have and use. It is not as fiddely fast as some Italian makes (quick but fragile feeling) and the comfort level certainly beats the hard, spartan sports cars of the same era.
Best of luck with the work, take your time, and just have fun with it.
Take care,
John
1965 230SL white/black leather - power steering, Becker Mexico, kinderseat, fitted luggage