We went through the same thought process, but another thing that we considered was the title issue. In PA you need to have a titled trailer, or you need to apply for a home built trailer title which can be a pain. Most M416s we have found for a reasonable price only come with a bill of sale, no title. A way we have found to get around this issue is to title our trailers in Maine, because you do not have to be a Maine resident to own a trailer titled there. Maine does not require annual inspections of trailers under 3000 lbs, and you can register the vehicle for longer periods of time without having to renew every year. We registered our trailers for 10 years, they mailed us the tags and we are good to go. I know this has been an issue for a lot of guys in the past.
If the M416 you are looking at has a clean title, then that adds significant value, and in the condition it is in would lend itself to be more of a collector item. You could buy it and flip it to the collector crowd, and then use the profits to purchase a project M416 for cheap, in our case we paid less than $250 for each. Then go to town modifying it to your liking.
2009 Jeep Rubicon Unlimited 6spd / Gobi Rack / 2.5" Lift / Mopar Winter Wheels / 35" BFG MT KM2 / AEV Rear Corners /