I'd be asking your mate to put his hand in his pocket to contribute to the sleeve.
Or at the very least bring over a couple of boxes of beers to help drown your sorrows.
As long as they are doing it that cheap I would do the same , it would be a lot higher to have it sleeved here and 318 and 360 are easy to find cheap .
as stated if a sleeve is installed correctly there is nothing wrong with it... my best and oldest build... a 68 340 has a sleeve in it and still runs great after 20 years of beating tha crap outta it on tha street and strip!