[WorkinLonghorn]

When I got this last '69, also with about 120,000 miles, original owner's estate) I just assumed it needed "everything" and I got the guy down in price (the shyster was asking $650!).
I re-did all the usual stuff ($2000 in '96 dollars) then after a new clutch ($300) the engine blew a year later.($1500).

Anyway, I would start it up and listen carefully to the engine, look for smoke on a cold start or driving past when warm. Try shifting from 1st to reverse rocking it back and forth and listen for loud clunk from the rear. Drive it around and accelerate and decelerate in each gear and see if it jumps out of gear. Get it good and hot and see if the radiator leaks. Does it just have water in it? Not good, there will be corrosion damage internally and likely a leak.

I would go to $2000 on it if the major components looked and tested ok. But be prepared to spend a couple more. Brian