There's nothing wrong with buying an airplane with deferred maintenance and building it up, it can be a good option, you just need to be realistic when you get into it. I bought my 150 with low airframe time and pretty low engine rebuild time with good comps for very cheap but I knew going in it had been flown little and had several problems, but I knew it needed work going in and saw that as an opportunity to build up the airplane I wanted. I did a lot of improvements (new/overhauled gyros, intercom, radios, plumbing, wiring, tires) and I ended up with an airplane with a lot of nice new reliable parts, the equipment I wanted, a few cosmetic and safety improvements (like new seats, carpet, and four point harnesses). I could've bought something that was in better condition up front, but now for the same money I have the airplane I want with a lot of new stuff and I know that airplane better than the back of my own hand.
As far as utility, I wouldn't put too much weight regarding travel unless that really truly honestly is something you are going to do (read: something you already do). The simple fact is 90% of airplanes never go further than 2 hours from their home airport. I know people with 182's and Mooneys who fly them on a 300 mile trip twice a year. That's a whole lot of added cost to save 2 hours per year in travel time... A 150 or 140 is fine for one man or two smaller people to travel recreationally. Yes they are slow, but so what, isn't the point to be enjoying the flying? They burn little gas so operational costs are low and so people who own them actually fly them. You know what I see flying the most at my airport? Cessna 150, Piper Cubs, a Wagabond, and a handful of experimental aircraft... because the owners can afford to go out and have fun every other day, and when you want to go somewhere you can still get there a lot faster than by car. Now if you want to haul anything, definitely look at a four seat aircraft. If I were not using mine for flight training and trying hard to keep costs as affordable as possible for my students, I would prefer a four seat aircraft for personal use. I'm not a big fan of 172's (they are fine, I just kind of sigh every time I see or get in one), I'd rather have a PA28-180 for an all-around personal aircraft... for something with a little more fun/character check out Pacers (this is what I'd personally like if I had only one airplane for myself and needed to balance utility/fun/costs).
Owning airplanes is fun, and if you like to tinker (and have a friendly A&P to supervise/approve your work), one with deferred maintenance but a good core can be a nice option to get the airplane you want.