Here it is as I bought it:

It's mostly complete, with a full set of the Monza bodywork in fairly sad shape. The scrambler tank is pretty clean, though not the best paint job - its flaking off at the edges.
I've mostly torn the motor down and it appears to be in pretty good shape without much visible wear. Hasn't run for a long time, but doesn't appear to be thrashed.

I've been talking with Nigel Lacey about parts for the rebuild, and he's been extremely helpful. Planning to go with a "3/4 race" build - hi-comp piston, 273 cam, coil-spring conversion, porting, lightening / balancing, etc. Going to tackle a majority of the rebuild myself, and as much of the machining as I and a friend can handle. This is my first full motor rebuild, so it'll take a while. Clearly parts aren't cheap, so I'll have to move some other projects for funding.
Planning to build the whole bike as somewhat of a race-replica, but will run it on the street occasionally. I've started collecting bodywork, and will be cleaning up the frame tabs, strengthening, and lightening somewhat.

So, that's where I'm at right now. Collecting parts, saving $$, and researching. Looking forward to the wealth of knowledge on this board, and hoping to contribute along the way.
I also have a 75 860GT project, and a 93 900SS that I actually ride...
Cheers,
Tom