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Rallye 350s are uncommon, and they do have a following, but I don't know that I would put them in the "desireable" category. They aren't run-of-the-mill cars, but they aren't 442s or W-31 Cutlasses either. Those are generally more desireable. I owned one once upon a time. I don't recall anything other than a black interior being available, but you never know. The rest of his comments are about right (one year only, could have become the 70 H/O). The final intention of the car was to be a hip looking car that wouldn't kill the owner with high insurance bills.
I think it really is a matter of what you think you would enjoy more. I doubt that it would be a 30k car when done unless it were really exceptional. If it were, it would be something you would be afraid to drive. Personally, I would prefer a convertible Cutlass over a Rallye. I also owned a number of 68 442 convertibles at one point and had picked up a 69 Cutlass convert that I was going to redo right before I got married. That took care of that project as my cars fell down the priority list. Converts are always going to be popular, while some people love, and other people hate Rallyes...
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