I've seen some units like yours that turned out great. Solid as a rock and as you get into it, you will find parts of the bus that were built better than they do today.
Remember your statement "just needs updated" as you progress. I bet you will have times when you want to change that wording but the end result will justify all the work. Especially with the low purchase price. Enjoy!
I have a 62 4106 that I paid the same for a few years ago. Mine was converted in the mid 70s, and like yours, needed upgrading to the conversion. So far I've replaced holding/water tanks, plumbing/fixtures, water heater, furnace and a bunch of little things. Next project is new counter tops, sink and drop in cooktop. Just be aware that you will NEVER be finished!
Just thought I'd drop in to beg for pictures too! :. I can spend all day walking past rows and rows of razzel dazzel plastic rigs then when I spot a classic bus conversion I'm drawn to it like moth to a flame.