I bought an ef ex taxi about 3 years ago. Paid $4000 for it. Then got the holes filled in the roof, then got it resprayed in white 2 pac (was yellow) $3000 paintjob, then ripped the column shift out and put in floorshift........NOT RECOMMENDED as it required fitting a whole new front floorpan....the bucket seats have different mounting points than the bench!!
. Then spend $1000 on standard ef trim, seats, carpet, roof . new doorglass etc.etc. Then put in XR suspension and roh wheels. Just when i got it looking and riding nice, (no-one could tell that it was an ex taxi), a valve siezed in the head and broke a rocker.....So i pulled the head off, replace the valve and rocker, gave the motor a new head gasket and tidy up (bottom end still ok after 750,000 orig klm!!!) and it went like a rocket......until I was on the top of Mount Hotham in a freezing blizzard and the power steering idler pulley broke, the belt fell off and got wrapped around the crank sensor. CAR NO GO!!! Cost me $300 to get it towed off the mountain
I ended up selling it for $10,000. which, after all i spent on it, probably just broke even, not including my labour!
So if your mate wants it to do up and flog off....go for it, but dont go overboard like I did.
If he wants it to drive around in, be prepared for the unexpected problems and expenses of a high klm car.
On the plus side I could get around 400 klm on $30 of GAS