And you are sure that you want to pay rent for this ground?  Granted, the low cec is your friend as far as correcting the pH..... and I too have corrected some poor, badly neglected farms, as having options is always in my best interest.  I would apply some lime after you perhaps disc the weeds once, just so the applicators can do an accurate job of applying lime....

Is there possibly a dairy nearby that needs to get rid of some manure?  At the right time, just having ground available to apply manure can be a blessing to a large dairy nearby.  

I would carefully consider if you are absolutely certain that you want this ground and look at the costs to bring it back to production.  For certain, it's a long long ways from growing alfalfa productively.  

Most places, ground like that belongs in CRP, as that would possibly be the money maker