I am trying to get an idea what it might be worth.

It is a true Z-28 L69 5 speed/3.73 rear/disc brakes.

It looks like it can be restored but at great expense.

Any ideas?

I bought my 84 last year for $1500. It had just recieved a crappy macco paint job but other than that it's a really nice car for 49000 miles.
It has needed tons of little things done to it.

Have Any Pics.

Sounds like an interesting car. Do you have any pics of the car or a pic of the RPO code sheet? The IROC was an option package from 1985-1987 on Z28's, with the RPO code B4Z for the IROC package.

For 1985 in the Camaros the L69 was only available in the IROC paired with the T-5 trans and 3.73 gears. I have read that there were roughly 70 1986 Z28's with the L69.

If this car a is a legit 1985 IROC with the L69 it's a rare car. I'm not sure how many L69 IROC's they made for 1985 but it should have been well under 10,000 cars.

GM started putting the L69 on restriction in 1985 - thanks to emissions and fuel economy regulations. With the LB9 coming on board in 1985 they started phasing out the carbed motors and completely phased them out in the f-bodies by 1987. For the performance f-bodies they should have offered the L69 as an option through 1987. The last of the rear wheel drive Monte Carlo SS's were able to get the L69 through 1988.