It depends on what your plans are, and what he wants for it. He may be one of those buffoons who saw one sell for $100K on Bring A Trailer, and think it's worth $20K. Or he may just want it out of his life for $500.
Do you want to build something to wheel, or do you want to bring this back to a more stockish looking truck?
It needs a tub. That's not cheap, no matter how you slice it. The salvage title is also a negative. However, what can be seen in the pics, it looks pretty solid, and not rusted out like a typical Northeast 40.
If you want a nice 40, save your moolah, and keep hunting. This one will empty your wallet quickly. If you have the skills to do everything yourself, it will only empty half of your wallet.
I say go for it, but I don't always make sound decisions!
If you decide to pass on it, I'd be interested in it as a parts truck. I have a '74 with a V8 that I'd prefer to swap back to a stock 2F.
Keep us posted!
On a separate note...did you change you mud name? I seem to recall an HDJ81 owner in Hatboro, but with a different user name. I think I sold him/you some 80 sliding windows...