Peugeot 206 worth?

I have in mind to buy a 206 (maybe the 1.6 with 110 hp) to make some mods, like exhaust, exterior design, all with CH omologated parts! Only just for fun, it will be a second car. Online I can find car for 2k-3k with around 100k-150k km. Also 1k for a 200k car. They can be worth for the purpose? With an old car like the 206 (online I find car from year 2000 to 2005), how many time I have to do the MFK inspection (every 2 years? Every year?)?