Although it ran pretty good when purchased it had transmission, brake caliper and oil leaks.
I soon discovered the body mounts had rusted through the "rocker channels". I've discovered this is a fairly common problem on C3 Corvettes due to water leaks. This meant the body and frame were touching. I then decided to do a full restoration. See the "Technical" link on this site for some pictures and other data that may help you if you have this problem.