Do it, come on do it now! /arnie
Seriously, no such thing as a bad 70s Corolla of any variant. Seriously cool cars and something you can be mega proud of having worked on yourself, bonus points if you restore one in the run up to getting your license.
Also, gonna quickly weigh in on something mentioned earlier I don't think was answered, which is:
To me, assuming the car isn't "dead" (burnt out, completely crumpled, only panel without mega rust issues is windscreen etc.) I don't think there is such a thing as a bad car. Perhaps with the exception of seriously overpriced cars, but even then there's an argument that that isn't the cars fault, and there are guaranteed to be people that think they're excellent.
The definition of a shit car is often defined by sheer snobbishness, over everything else. You get the favourites that come often that "fit" the definition - things like Trabants, Yugos, Ladas, Daewoos, anything British. Hell, over here a lot of people think anything over 10 years old is crap.
Someone that owns a 1 year old Corsa will probably tell you the Lada Riva is a shit car. The old guy that owns the Riva, does all his own maintenance and has owned the car from new tells you it's the best car in the world, and more than likely something along the lines of "it's much better in the snow than these modern things."
On the flip side, people calling a BMW M5 crap for any of the usual BMW rant reasons might not know that the owner is the most sane, quiet, level headed person who has saved for 30 years to buy something like that, and to them, that M5 is the best car in the world. They drive sensibly, are wary of others and shock horror - they indicate at roundabouts.
That BMW example is perfect for showing how people often judge the cars based on the stereotype of the owner and it's often a case of reverse snobbishness. That's nicer and faster than my old Fiesta so while you've done nothing wrong, your car is stupid.
I've got absolutely no idea where this ramble is going now but tl;dr - a car is essentially to serve a purpose, and everyone likes what they like. As car people we probably all have our own preferences, but there's a difference between going "god that's shit" and affectionately going "god, that's shit" while secretly wanting a go. For every story of how fantastic the latest Ferrari is, there will be another of someone telling you how much fun it was hooning a Morris Marina they bought for 50 quid round some damp country lanes with their mates listening to Duran Duran.