CA18 are also pretty cheap too...
When comparing it to an FJ or an SR.

I personally think that if you are going to do a full restore and everything that you should go a 1200 because they look alot nicer and it will be worth more when you are finished.

How much are you looking to spend on the car in the first place? Should be able to find a fairly decent 1200 for under a grand.

Oh yeah and bodywise the 1200's and 120Y's are very different.
(Although you can use the arm rests out of a 120Y in a 1200 coupe!)
I am not sure about this but don't the 120Y's not handle as well as 1200's? Heaps more body roll or something?
But I suppose you could always fix that.

Are you going to use the car to learn to drive?