Should I buy a '99 silverado or buy new LS?

[knomadd]

I'm looking at doing an LS swap sometime in the future. I don't have an immediate need for it as my current setup works just fine and I'm not in a rush to replace it. I do know that I want to do an LS swap at some point though.

So, I've got a coworker who says he's going to buy a different truck next year because his won't pass inspection next time. It's a 1999 Silverado 1500 with a 5.3 and a 4l60e (not certain on the trans, but I think that's it). He drives it to work every day so I know it runs well. It has about 250K miles on it so I know it'll need to be rebuilt, along with the trans.

What do you guys think? Would it be worth buying it from him for about $1500 and then rebuild both the engine and trans? Or would I be better off finding a low mile pull-out or do a complete build or buy a crate motor instead?

I know my wife would say I don't need it... I just don't know what kind of money I'd be dropping on this swap if I'm starting with a rebuild.