I think that's about where I'm at also, I don't doubt its worth $1500 being a primarily single owner car in the condition it's in.
It has like 4k on the Odo, owner said 104k, and I don't doubt it.
Honestly. If you really like it he would probably meet in the middle at 1250. What type of plans would you have for it. Cause a auto 5.0 from that era is a pig and boring.