If it looks that good up close, and it only has the problems he mentioned, it sounds like a fair price. It is not his truck and he is not a very good writer, so he may NOT know the true condition of the truck his friend left him. Also, make sure of the legality of the title changeover since he is not the listed owner. BTW yes, those years (73-87) were know to have cracked overflow bottles, especially in the north. Most folks I know down here and up there don't worry about it because even when replaced they don't seem to last long before cracking again.
Hey....its a 454....
But, now you have to feed it