My '85 Intermeccanica experience

The car is a space frame?  Must have been one of the first ones. Sounds like you hit the jackpot. Even if you have to do an engine rebuild or put a new one in the car is still a deal. I like the Dells. Those can be cleaned up rejetted and used again. Congrats. Is rear suspension IRS?

Sounds like you have a tube framed IM.

Where is it leaking?  I find a fresh sheet of cardboard, from a big cardboard box, is a great way to find leaks.  Lay it flat underneath the car for a night.  In the morning there should be the tell-tale stains.

common leaking spots are the pushrod tubes and valve covers. 

I get a 4" row of drips under the left valve cover and a nickel - sized spot to the right of that.

When I say tube, I mean square stock.  Looks to be glued/riveted and glassed in.  I'll get some pics. 

Looks like a stock swing axle to me, but I'll compare to pics online.

EDIT:  It's IRS.

Lots of little tweaking so far.  The pulley on the car has four notches, no dimple and paint marks that correspond to...well, nothing.  Consequently, I was unable to determine TDC and 30' BTDC for the 009 distributor.  I put on a Scat / Santana-style degree pulley.  I know it isn't vintage-y, but it is nice peace of mind knowing the timing at max advance is correct.  Turns out it was at about 23' BTDC at 3200rpm.  The stock pulley matches no images I could find on the Samba.  If I ever have any issues with the aluminum pulley, I'll use it to mark the original pulley and reinstall it. 

 

Oil leak seems to be coming from the #3 exhaust pushrod tube -- that'll be a winter fix.  For now, it gets a pan.

 

Adjusted the valves, as the engine was a little noisy hot, especially on the driver side. Found the #2 intake and exhaust valves were a little tight.  (Used a .006 and .007 blades and a go/no-go approach to check.)  1 and 3 were spot-on.  4 had a slightly loose intake valve, which was the source of the noise.  With all of the valves set back to .006, it is just 'normal' noisy hot.

 

Found that the leading brake shoes in the back were shot.  Presumably the adjustment was just taken up with the one adjuster at some point.  Replaced the shoes and cleaned/lubed the hardware.  Properly-adjusted, the brakes feel much better.  Firmer pedal with a shorter throw. 

 

Added a 390mm Nardi classic wheel so I can be different, just like everyone else. 

 

Having a great time so far.  Nice to be able to make so much improvement in the running and driving experience with so little investment of time and money.   I really enjoy working on it.

 

Pictures coming one of these days.

Looks like you're getting a handle on everything.