[PJ]

You might want to check the value of it, even in restored shape, '66s can have some staggering value. I think if it were mine, I'd put a couple thousand into it and keep it. I'm not a collector and only have 1 vintage Fender, but based on what I've learned about 60s Fenders, they are infinitely more valuable in restored shape than as beaters.
As an example, that red Strat was purchased as a beater on eBay for
$500. I'm sure the guy let it go too cheaply. A NOS "under the bed for 45 years" example would be worth in excess of $20K. And its not so much what its worth today, but the collectors will tell you that old, vintage Fenders aren't showing any sign of slowing down in appreciation. So, I think I would make a decision on that particular Tele a little differently than say, a late 80s or 90s beater.