Done/doing just that very thing. My advise would be to buy the best you can afford, rather than a basket case for less. We’re in the process of restoring a Mk3 Spitfire for my lad, it will take about 5 years and cost will be over £5k.
In the mean time I bought a mint Mk4 for £3000 and after sorting all it’s minor issues (rebuilt the head, suspension, new clutch, brakes, bushes, oil feed issues and whatnot) it’s been great. In fact my youngest daughter and I just drive to Moniga del Garda in it. 2400 miles in ten days and no serious issues.
Look at loads before you buy, go on bodywork condition over mechanical, and join an owners club – loads of advise from folk who’ve already done it all before.
Have fun.