I have the chance to buy a #2 that looks like it went through the battle of the Somme. Can't see most of the wood because of the baling wire, nails and screws and the barrel is a pitted mess both inside and out. The thing is that the action isn't all that bad with some pitting and surface rust but it's tight and mechanically sound. It's a 22 and I have to make an offer on it so my question is what do you think it's worth. It's an antique and if I get it I will sell it to some lucky buyer here on the forum.  Thanks

Any #2 complete working action in .22RF is easily worth $100.
I've been looking for one for a parts project.

What a great opportunity for a amateur gunsmith! 
#2 rollers make such interesting rifles, and being as it's currently a basket case, there is no downside. 

Barrel, standard threads , 11/16 x 40 so that's easy.  Find something like a Remington 521T, Winchester 69A takeoff barrels and rebarrel it or put a liner in it. 
Restock it with a profiled blank and your off to the races. 

DO NOT polish it on a wheel but with fine sand paper with a backer.  Learn to rust blue it with something like Mark Lee's and finish the wood with a satin wipe on poly. 

From the scenario you described, I suspect you can buy it for a $100 bill, but the desire ability based on your description is easily north of $2-maybe 300.  Close the deal, get it done or pass it along reasonably on this site. JMHO