Thanks everyone. Here is an overwiew of the car:

Body

Original, faded, red paint,
It has some surface rust,
Quarter panel rust (just around the wheel well openings),
The bottom edge of the driver side door is rusty (might just need a new door skin)
The passenger side door skin is somewhat better,
The driver side frame rail is rusted (about 6-8" from the beginning of the rail) You cannot see into the car through the frame rail,
The hood and trunk are fine
All the chrome trim is there (most in the trunk)

The car is complete (many parts in the trunk)
The floor pans look solid,

Mechanics

The original 352 is gone, as well as the transmission,
In its place is a 390 with a rebuilt auto. trans with a stage seven shift kit. It was running before but it is slightly apart (fan, belts, battery)
The gas tank is in the trunk as well

Interior

It has bucket seats and a console,
New carpet,
Needs a headliner,
The rear seat has tears
It is mostly complete in the interior (emblems, door handles, trim)

The owner is also including six mag wheels and some extra parts (don't know what parts though)

The price is $1500.00.

Opinions? Does this sound like a good deal?