You don't see a lot of them around but several folks have made guitar shaped mandolins. I would not expect it to be a loud instrument - more on the sweet side as far as tone goes. Well suited for folk styles - I just wouldn't want it to go up against a banjo.

Have fun with it and let us know how the restoration works out. And don't forget the builders forum section at the Mandolin Cafe. They might be a good source of information.