340 Find

I have located a 340 that could be of use to replace the 318 in my Swinger. Below is the description in the add. He is asked $1,500. Does this seem fair?

"I have a 1970 340 motor that came out of a duster. I still have the title for the car the motor came out of. This motor was raced in the early eighty's and it ran the best of 11.77 in a barracuda. Motor needs rebuilt because its been sitting in a garage for 20 years. It was never hurt and had 80 psi oil pressure last time it ran. It is missing the rocker arms and push-rods."