Go for it. Under rated and valued cars in the wake of the price boom seen with even the most mediocre US and Aussie cars. Solid cars providing they aren’t plagued with rust. The ‘70s models are good enough for daily drivers. I also have a VG valiant and not a chance I’d daily that unlike the Mercedes models of the same era.
Don’t discount the 2.8 injected 6 that you can get in the 116 and 123 chassis.
They go just as good as the V8s thanks to the 8 running a three speed auto with very tall gearing.
I have a several, 280SE, four wheel disc brakes, self level hydro rear suspension, independent rear, 185hp, cuts out at 6750rpm and sounds grouse. Currently refurb some period correct 14” alloys to get rid of the hub caps.
They aren’t chrome bumpers but also consider the ‘80s 126 series. I have the 560 version Euro spec (300hp) not the detuned 265hp sold in the Aus market. Good examples of these are rising in value. You might be better off looking for a pre facelift/pre 1986 280se or 500se.
Also have that W140 V12 coupe. A few posts above mention E38, don’t bother. The Benz V12 has around 80kw on the BMW. The Benz M119 V8 is just as strong as the BMW V12. That V12 coupe weighs 2.3 tonne and has no drama smoking the 18s off the line. The V12s are solid engines with a huge flat torque curve.
E32 V12s are a bit temperamental. If an E32 look out for a 740i. Just as much performance as the under whelming V12 and the M60 V8 is probably the most reliable engine BMW have put out the last 30 years.
Also consider BMW E28 535i.
As for parts I go to FCP Euro, Pelican Parts or Rockauto. I think rockauto don’t deliver to Aus anymore after the recent GST changes for online goods.