Yep, i do a 60 mile commute every day in my '87 8v and it's never missed a beat. Like the guy says, you have to be prepared for things to need fixed now and again, but in general most things are either easy to do yourself (and i'm a complete novice) or not too expensive to get done by a garage (when compared to modern car repair costs). As an example, i got the timing belt and alternator belt (plus tensioners) changed, plus a full service, for £140 at my local garage. Parts are cheap and labour costs tend to be low due to easy access to (most but not all) components.
MPG isn't brilliant - I get about 280 miles out of £34 of petrol, but i tend to rev it harder than is strictly necessary so i can hear the Jetex roar. Plus i suspect my fuel level sender is on the blink - filling up the car to the brim only raises the guage to 3/4 full.
Forget the MPG though, it's all about the fun. You'll be driving a car which any petrolhead knows it an absolute classic, but it'll only cost you buttons. You get huge enjoyment out of driving it cos the handling is great and it has real character, so you don't bother about the fact that it's not actually fast. I've got a three month old Focus ST sitting on the drive which i've pretty much given to my wife cos i don't drive it. Sure i can go very fast in it, but 90mph in my Mk2 feels waaay faster than 140mph in the ST.
Do it. But bear in mind what one of the previous posters said - buy it based on the condition of the bodywork. Engines and mechanicals can be swapped much more cheaply than paintwork can be fixed.
Enjoy.
p.s. Small bumper 8v's are best - proper classic car look.
