$1500 is a fair price if the truck is like you say, a running/driving vehicle with no real major mechanical flaws. Paint on a 23 year old vehicle is going to be in sad shape, I don't care what manufacturer made it.
1987 was the first year GM put the fuel injection on trucks, and the first year they brought back the 350 engine for a regular 1/2 ton 2 wheel drive. The fact yours has a 305 instead of a 350 hurts it just a little in my book, but that's opinion of course.
The 87's are just as popular as the rest of the squares really, maybe a little more due to the TBI. But, if you're trying to make a hot rod, first thing you'll do really is remove the TBI. So it's all in what you're doing and what you want to make you happy. You is the theme in most instances.
