Before spending too much time on it, do some background reading on S/36. Then decide. "Thar's gold in them thar circuits" might get you a few bucks if you scrap it.
To get it running, talk to IBM. You're an educational institution, you'd get all the software free/at discount. You'll need cables. You probably can't "just" hook it up to your network
, but I suppose there'd be a way. But before all of that, is it able to be any benefit to you? Students learning RPG III as a general introduction to programming? I don't think so.
You don't have any peripherals, so stand-alone is not even an option - and again, why?