There’s been some work done.  There is definitely value here.

“This is a partially restored 1956 Willy’s M38A1(similar to CJ-5) It was modified significantly from original by the previous owner. I started refurbishing it to running condition again and have lost the interest and time to work on it. There is no engine, the motor mounts are set up for a small block Chevy. Included but not pictured is the rebuilt T-90 3 speed tranny and transfer case, and un-restored hood, grill, fenders, dashboard, windshield, rollbar, radiator, seats. Accessories for a small block chevy engine and several boxes of the old parts. It has current Non-Op CA Title. Asking $1000 OBO.”

http://reno.craigslist.org/cto/2234102701.html