I'm all for taking the time for a project, but there are some reasons I personally would't choose the one you have.
-24 inch wheels are uncommon, and in particular getting a replacement fork used will be more difficult, though they are certainly available new.
-the quality of the bike is likely poor.
Suspension is modestly complicated and fairly maintenance heavy stuff. I'd recommend staying away from it unless its genuinely needed (which is less often than people think), and to avoid low end suspension, and even with good suspension know that it requires some maintenance that is messy and more involved than most home mechanic tasks (not that it is necessarily too hard or expensive for many home mechanics).

Also, is the bike more or less the right size? 24" tires are mostly common on kids bikes.