120y... it bess
But seriously, (I just said that to rattle a certain tuner's cage) it's a decent ride. Two questions though.
Are you capable of doing your own repairs? Nothing 'major surgery' style, but if you aren't afraid of getting dirty and doing things like tune/clean a carb, change springs and shocks, then an older car is a breeze to maintain at minimum cost.
"young driver" How young is 'young'? Older cars are easier to work on, parts are cheaper... but the sort of insurance companies that will cover such a car (only a few of them left now, I think) require you to be 25 and over. If you have an older relative who thinks highly of you, then insure the car in their name... especially if they have a good record with the same insurance company, as such a car may not be considered insurable with young you behind the wheel.
Regarding this:
"GOOD ENGINE AND BODY IN NEED OF WORK OR.... GOOD BODY AND IN NEED OF AN ENGINE, as far as costs are concerned to rectify the respective problem."
This depends on your abilities and or the resources available to you.
If you can do your own body-work, or are willing to learn as you go along, pick choice #1. (My choice too, especially if you consider that you prefer to reach where you are going, rather than what you look like while attempting to do so. Shutting down on the side of the road is bad business these days.)
I hardly ever advise anyone to choose #2. Of course, if you have access to a garage and or a trustworthy mechanic (and you are a "dude"... or you don't "need" the car right away) then go with that choice, if you want.
A new engine costs more money in one shot... an older one located in the hulk of what was a car in a friendly neighbour's yard is a better choice as far as the zeros in your bank account are concerned AS LONG AS YOU ARE BEING PROPERLY ADVISED REGARDING THE CHOICE OF ENGINE.
As far as the type of car... I am heavily biased. Rear wheel drive FTW. Parts are easier to change on your own, and the velocity joints of older vehicles seem to not last as long as they should.
Ford Escort - sweet... too sweet, perhaps - many owners won't sell.
Ford Cortina - There are some for sale out there (I know of two, $5,500 and $6,000 respectively)
A little heavier than what I would advise for a first-timer... but you said 3yrs experience
120y - all models great for a starter car - my favourite is the 210B, the rounded one (sniff

I miss Betsy)
Other Datsuns too, (if you can pry the owner's fingers from off the wheel) like 1200, 1500...
Toyota KE30, (the KE20 is great, but there are fellahs out there who won't let you sleep until you sell it to them

)
Older cars than these are great, but not exactly for first-timers, as parts can be elusive - and major surgery might be required. Remember, the main reason why someone would sell a car is that they DON'T WANT IT. Make damn sure you aren't carting someone else's garbage home. Luckily, plenty folks today are easily affected by what they see (nice car, plenty bling - and that saccharine word - modern) and even more affected by what empty-headed people say (Boi, yuh drivin' dat ol' t'ing still?)... so there are good chariots out there... just make sure whoever is advising you believes that you have plenty experience in making people suffer.
Cheers