OK, here's the basic story behind these piles of wonderful British engineering.
The owner purchased the yellow '72 sometime in the late-70's and drove it regularly until the front of the frame rusted out around '83. He parked it in his garage, and started it regularly for a number of years afterward.
At some point around '89, he found the black '73 with a seized engine and picked it up to donate it's frame to the yellow '72. He began disassembling the '72, but could never get the body released from the frame. He also disassembled the engine from the '73, got it freed up, and got the piston/rings/etc. to put it back together...and never went any further.
Later on, he bought a spare frame from an autocrosser in Michigan. It's completely rust free, and has been stitch-welded.
The Goal:
Long-term, I'd like to build the yellow '72 into a nice updated/retro-mod street-driven autocrosser. Not with the intent of being competitive in any particular class, but rather a fun toy. I'd like to make the black '73 into a dedicated, stripped-down autocross car, although I'm not sure if I want to go XP or straight into DM.
The Good:
The engine in the yellow '72 should run.
I know at least one of the frames is good and rust-free.
I have two seats that appear to have good upholstery.
The chrome on both cars, while not show-quality perfect, is certainly usable.
I have a bound copy of the Lotus service manual.
There will be a pile of parts for sale once I'm done.
The Bad:
As stated previously, the frame in the yellow '72 is rusted through. Undetermined as to whether it's repairable yet, but the plan is to replace it.
Speaking of frames, I discovered in the FSM there are 3-different frame styles for the various transmissions. I have two 4-speeds, however the frame in the black '72, and the good frame, both appear to be 5-speed frames. I'm still trying to research whether they will work without welding in the rear hoop from the bad frame.
Both windshields are cracked. Replacements are about $500 each. Lexan will be fine for the racecar, but I don't want to run it on the street car.
I have no idea if the engine from the black '73 is complete. I have boxes of parts that I haven't even begun to dig into. Even if it isn't, there is still some value in the head/cams/long-block as they sit.
And here's some more pictures.