Given the number of posts, it is obvious that several people have memories of WPAZ, fond and otherwise. It is apparent that some things were done right, some things done hideously wrong. But going back to the original question of whether or not this would be a good investment, the point is the same. You do not buy a radio station because of the past; you buy it for the future.
Once an AM station goes dark, it is DEAD. I won't get all religious on you, but while I believe in a past resurrection of a person, I do not believe in it for AM radio stations.
When an AM station dies, it dies. If the community has a particular ethnic group with a significant business and listener base, it could rise again. Using it for a not-for profit operation, such as EWTN, could work. But remember, you will not make much money.
To simply restore it as a general purpose radio station is a dream that won't come true. No matter how cheap the price, it is a very bad investment. And buying a radio station is an investment Putting your house, retirement plan or first born up for collateral is just plan dumb. You could get a potential better return on the slots.