Eh- depends on your level of technical know-how. I'm one of those guys that can fix anything. My last bike was in poor shape when i got it. Within a month i had it looking like brand new, all for about 400 bucks.
I bought my current bike as a TOTAL heap, and am still gathering parts for it. I'm very close to having it together. But if you dont have experience with bikes.... and the bike is doing something a bike isnt supposed to do, you'll never realize it until it's too late.
I would advise against it as a first bike. And especially at this point in the season. You want to ride a lot right now, before it gets too hot. The weather has been PERFECT down here.... and i just stare at my pile of parts.... not fun.
Not that i regret doing it.... because it's my dream bike, i got it from a reliable person that everyone on this board knows, and it'll be all said and done for extremely cheap. But i have much more ability to do this than the average person. Like, i bought a service manual, and havent even needed to open it yet. Hell, i could even write the damn thing if i wanted to. I'm actually considering a position at a company that writes technical manuals...
So to sum up: no- not the greatest idea. Nobody dreams of owning a Seca II someday....