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I'm sure, being the 1l 3dr model it's only around 640KG curb weight which is the same as a classic mini but this has a fair bit more power and far better aerodynamics I'm certain it'll be an absolute riot.
IR-
You're right on the money. One of the favourite cars I've owned (actually the car I kept hold of the longest) was a Series 1 106 Rallye. Obviously the AX and the 106 had a lot in common and shared the TU engine in various forms. The 1294cc in the Rallye was a little screamer and the chassis was great. If the body is as tidy as it looks it could be a good candidate to try and make a bit of a sleeper hot hatch out of it.
ricky2slicky
That looks great for £72! An Ax is about the only old school french hatch we haven't had in the family but I can guarantee that it'll be fun to drive and will feel wayyy faster than it actually is.