Wow, that's a nice P3 unit. I recently restored a D3, which is the non-stainless version of the P3. If you ask me, I say definitely restore it. Looks like you'll need the conversion kit (Amazon) $56; New Burner (be sure to get the aftermarket 21" burner, not the 17" replacement burner) $92; cast iron grates (I got my set from Amazon for $36; bottom wind shield about $25; knobs are about $20 ($10 each). You'll need a new igniter ($35) and likely new ceramic briquettes ($30) or the Ceramic tiles ($60). That puts you just under $300 and you'll have a great gasser.
Given that I've had just about every Weber gasser out there and currently have a 6 burner Summit, I feel I can speak on this. While the Webers are fine grills, the Broilmaster is unique in that the P3 models allow for 3 different grate levels which give you plenty of versatility. While the burner only has 2 controls, left & right, this allows for great indirect cooking performance. The bow tie burner is actually 2 separate burners held together by the intake pipes and you have great heat control. If you want to run this thing on high, it gets super hot.
This grill is not your garden variety cheap CL grill. It is totally worth the restore and if you didn't, I'd grab that grill from you if you were anywhere near Northern California.
My 21-year old BM is my go-to gas grill even though I have a 5-year old Summit. Here's a few pictures of mine. Since mine was a D3 model, it had a black base and black control panel. I ended up repainting the base and replacing the black worn out control panel with a used stainless steel control panel. I also replaced my rotary igniter with an electric igniter, replaced the handle, and temp gauge. I also upgraded the front shelf with a new plastic shelf.
If you do decide to restore, get in touch with me and I can go into more detail about what I learned from my project.
Here's the BM in my truck:
It had the old wooden shelves:
Here's my BM now:
