From what I can tell, the Classic pack is basically alloy wheels and air conditioning, plus the right to have the word 'Classic' written on the back of the car *lol* (Got this from http://www.geocities.com/falconfacts/
Work needed to be done is basically replacing the muffler, shocks, brake pads, etc, plus the windshield is chipped in one spot so it'll have to be replaced to get a roadworthy for the car.
With the exception of that, the previous owner has had it serviced every 10,000km, and almost every one of them at the same dealership (Rex Gorell Ford in Geelong). Head gasket has already been replaced, as has the water pump, which I recall were two known problems with the EA-ED series.
Ash, it's a standard GLi, not a Futura (bugger!), but still in very nice condition. Feels like I'm driving a BA (well, almost...). Very smooth, power steering works great, brakes and accelerator are very responsive.
From the sounds of it, I don't think I'm going to get anything even close to this for the same price, so pending a quick browse around a few other dealers Monday, I think I'll be purchasing it. (Keep an eye out for pictures, should be developed tomorrow.)
Thank you for the feedback everyone!