The 2V is a great car, but yes it is an underdog in the modular world. 9k for a 50k car is a good price and if a Mustang in that range is what you're looking for it's a good deal.
I had an 03 and I loved it. If your goal is less than 500rwhp, it will be a good power plant, just throw on a nice Procharger or Vortech setup. If you want to see the most hp, look into heads/cams. Just be careful because at 450 things will start to get weak.
I didn't have any problems but I have seen some people have the intake manifold crack. The only other problem I've seen is with the spark plugs blowing out. If that happened you would need to have them repaired with Time Serts (or helicoil as a lesser option).
Take care of the car and it'll take car of you.