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I've had my 79 P337H now for 14 years. Bought it from Jack Riley, almost a full conversion "squawk free". Took me about 5 years of one hour in the shop for two hours of flying (if I was lucky). Eventually, everything was replaced or overhauled, and one day, it just kept flying and flying. Of course now I still do progressive maintenance with my own top notch IA who runs my shop, and the plane is still generically harder to work on than some others only in terms of access, but it is truly a pleasure to fly both mechanically and aesthetically.
It sounds to me like the plane you are looking at has been badly neglected. With that many obvious squawks, chances are a qualifed shop will find many many more. There will probably be dozens more that will just turn up after you own it. Budget many many thousands of dollars to get it reliable and make it what you want. If you do and you do not scrimp, and you are buying the plane for a long term hold, then you will love it and get your money's worth. If you are buying a neglected plane and only plan to keep it a few years, you'll never recoup.
As Dale said, don't put money into the 400. Get an S-tec and write the check once and be done with it.
Best of luck.
mike
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