Need Some Advise

I don't think it's a Formula S car either. If it was, I think it would have Commando V8 emblems, as well as the Formula S emblems it doesn't have. I'd check it out carefully for rust. You mentioned the AC, I also see the heater has been bypassed. It looks like there's some kind of funny reflection over the rear wheel in the first picture. Might just be the pic. I'd be a bit concerned about how the 340 was put in. The stock 273 clutch won't handle a 340 for long. The bigger 10.5" clutch & bell housing might have been swapped in when the motor was changed. Hopefully, when the engine was swapped they also put in a stronger rear axle as the stock 7 1/4" rear will grenade behind a 340 with "spirited" driving. I don't like the panels that have been put in the seats but that's just me. Original style upholstery is available from Legendary.

Check the numbers on the block to be sure it's a 340. If there's no hidden rust issues I'd say the car is worth the price, but I'd offer less. Can't hurt to try. You probably couldn't build the car for any less.