I know exactly how you're feeling. I also bought a 'fixer-upper' - and boy did it need fixing.

It had been moved from it's original location. When they did that, the front porch, side porch, back room and chimney had all been removed. Well, it sat for almost two years - you can imagine how much rain got in (especially through the chimney hole in the middle of the house).
(But I bought the house *and* the move to new location for $7,000 - 1,450 sq. ft.)
Anyway, the entire house is 1" (actual 3/4") old southern pine. It dried out just fine and is perfectly sound. Even under the sheetrock ceiling (which looked absolutely disgusting and was falling down). It has the most beautiful grain to it.
One recommendation to anyone working on a fixer-upper. Keep an eye on the 'For Sale' ads in the newspaper. I bought 4,000 sq. ft. of 3" wide, 3/4" thick tongue-and-groove random-length pine boards for 36 cents/ft - home depot's price was ten times that. (No, I'm not using it all in the house

)
Also, thrift stores can be a good source of stuff. I have a custom sink in my current house. It's extra-large, cast iron Kohler. Great sink. It has to be custom ordered and cost $800+. Needless to say, I wasn't going to buy one. Well, I found one in a thrift store. Looks brand new and cost $35.00 - I was thrilled.
I can give you some hint on refinishing but have to run right now. I'll try to get back within a day or two.