Time for new engine in 72 Swinger - What Would You Do?

Not sure where you are in NC -but found this on Craigs list
http://charlotte.craigslist.org/pts/4105548356.html

I'm gonna go take a look at this 340 in the morning. In my shoes, what would you guys pay for it, and what warning flags would be on top of your list to look for? Thx.