I will get some better pictures when the weather is a bit nice.
I doubt it would make a great first bike due to the overall condition, but that depends on your disposition.
I imagine you could have it running pretty quickly. It may be hard to rack down pedal crank and that sort of missing stuff. Lots of crusty bits, so you either have to be okay with that or really tear it down and do a lot of work to have something really clean looking.
As far as a cool platform, it seems like it it would be a fun motor to play with. Kits are rare, but you can probably track one down, good clutch, well built.