Welcome to the forum fella.
Generally speaking, most parts for the 406 can still be sourced. It certainly wouldn't be any harder than finding bits for a S1. As for what can go wrong, where do I start?!
If it's been standing a long time then all the rubber seals will probably have hardened. I know - mine had! Then you've got various shafts and gears that will possibly have lacked oil in the higher sections of the gearboxes etc. Those parts can get rusty and wear very fast when you start using them again. The brakes could be seized and new rear calipers on these vehicles are big money. Portals are also a point that you really don't want to break on you.
Hopefully moose or Brian will come along and go into more detail. Be careful with your money if you're buying a restoration project. Parts, like the vehicle when it was new, aren't cheap.