[redmt]

Start low . You can always work your way up. Not knowing any real history on the car, I would figure that you will have to re do all of the running gear, engine, rearend and tranny. They may all be fine but you would have to figure that into the equation just in case. Alot of the center oilers were marine engines. It could have been heavily rusted in the water jackets and not have much life left. I would look at it as a roller chassis with all used parts.
It has been recommended many times by lots of guys to buy an already assembled car and to re-work it. I think that's good advice. If you choose to go that way, plan for the worst and hope for the best. Ball park W A G,,,,, offer him 20k cash. BTW, from the pix , that is not an FE block

John