Welcome to the greatest car hobby in the world and a forum with some great people in it.
Fieros are great cars to own and drive. I just would not have high expectations to keep a 34 year old car on the road without a considerable amount of work; replacing rubber hoses, belts, bushings, bearing and rebuilding the headlight motors. Maybe add some exhaust work, a complete oil change and tune up. A transmission check is also in order. Not trying to discourage you as you started at a low price point so even if you put $2,500 into it, you will still be ahead of the game. Best of luck with the project.
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" THE BLACK PARALYZER" -87GT 3800SC Series III engine, custom ZZP /Frozen Boost Intercooler setup, 3.4" Pulley, Northstar TB, LS1 MAF, 3" Spintech/Hedman Exhaust, P-log Manifold, Autolite 104's, MSD wires, Custom CAI, 4T65eHD w. custom axles, Champion Radiator, S10 Brake Booster, HP Tuners VCM Suite.
"THE COLUSSUS"
87GT - ALL OUT 3.4L Turbocharged engine, Garrett Hybrid Turbo, MSD ign., modified TH125H
" ON THE LOOSE WITHOUT THE JUICE "