Hey mate, welcome to the forums...
i would say that rather then buying a cheap'sih VL - look around for a well maintained VL and look for a later year like an 88 model SL or Berlina for example.
That way you dont have to spend heaps on money on getting the car up and running and spend more money on the good stuff like engine, paint, stereo, rims etc
the way i would do things is once you have ur car is to do the following to bring her up to a good streeter.
1) Full Clean! strip the interior wash seats, clean the floors, clean the boot, cut and polish the body - this way as your cleaning you can find little problem spots in your car that u can fix up or just idea might pop into ur head
2) Stereo - this is something i'm sure is a must - but to go over the top. Like just a head unit and some good 6*9's and front splits would be awsome for the moment. add amps and subs later
3) Paint - if u need to repaint ur car do it now
4) Rims - I say get rims now cause its better to have ur rims that u want on ur car BEFORE you lower it what way you can do the god right.
5) Suspention - Now that ur rims are on you can have a pro job done on it and have the great ride height and handling, but not sacrifce ride comfort and find that middle ground between WAY to low and uncomfortable and a crap ride hight and still bad comfort - and please just dont cut your springs do it properly.
6) Basic Accesserories - here is where u can start to give the nice touches to bring your street car to life. De-badge her, place some chrome badges on, polish ,new steering wheel, gear shift knob, gauges (if you really feel the need), carpet the boot. Just nice little touches that are going to set your car apart.
7) Advanced Accesserories - Now is the fun part. Here we can expand on what you already have in your car
#Sub and amp package with custom lighting and boxes?
#KnN Air Filter + Cold Air Intake setup
#Body Kit maybe? Areo or F20 kinda setup
#If it is an auto - try a manual conversion?
#if its a manual - maybe time to upgrade to an LSD
I'm just about to do the above and fit new breaks and a full new Calais diff to my car
But they are just ideas - if you need help, just post and most people here can help
I started out knowing nothing as well - but u grow and learn as you go !
DamoVL