Look at it this way, the value of that aircraft with a freshly overhauled engine would probably be in the 20-22K. It will cost probably around 12-15K for a overhaul if not more, so in the end, you get this plane for 11K and will need to drop probably another 15K in an overhaul which puts you in at 26-30K depending again on where/who does the overhaul.
You can find a lot of 150's out there with good times remaining in the aircraft for 15-18K which to me is a better deal.
My short answer? no its worth about 7K - 8K since you need to overhaul the engine.
you could fly it as in on condition but you wont get much time or very far in its current condition. the compression reading on the website says 68 not 62, but yes it's a indication that its weak and bout to let go. You could do a Top overhaul but that would be cost about half the cost of the overhaul since you'll be replacing cylinders, (at least one if not more).