I would "pass by" his house and see if the car were visible. If it is, just stop in, introduce yourself and say "Gee, passing by and saw that old nova. I've always wanted a nova like that! Looks like it has been sitting a while, would you like to sell it?"
While not a lie technically (I guess we would ALL like a Yenko Deuce!), you would have seen it from the street. You would also not be telling him what it would potentially be worth, nor that you found him via a title search. You need to decide morally what the right thing to do is. For some people, that approach is not a problem, for others it may be "Crossing the Line". I would probably handle it that way, but would consider crossing the line to be selling a clone car as original.
Also, some states have laws about buying something of a known high value on the cheap, and the original owner can invalidate the sale if he finds out. Of course, here in the Louisiana, that's not the case!
Rich