So I'm back. The owner of the original car I was looking at pulled the ad the day before I went to look at it. He told me he was tired of showing it and getting lowballed. I figured that's all I was going to do, so I didn't bother asking him to show it to me.
I went to look at a different car today. 1972 240Z with an N42 and a 5-speed out of a 1979 280ZX. I crawled all over underneath the car and checked everything out. Frame rails had a bit of surface rust, but were solid. Had a few kinks from I assume jacks and bottoming out, but were pretty good shape. There is a dent in the hood where he bumped into something at low speed. Could fix or replace the hood. Wheel wells were really good, and I couldn't see any rust on the fenders or doglegs. The paint on it is not great, but I don't think it's recent enough to be hiding any sanded down rust. The one single spot of rust bubbles I found was an area the size of about two quarters next to each other on the lower deck where the hatch seals. I was able to get one thumb on each side of the metal and pushed very hard, but the metal didn't flex. I assume that means it's decent enough to sand off and seal.
The engine starts right up when the key is touched. Almost unbelievable how well it ran. However, the transmission whines a bit and the owner admitted that it probably needs to be replaced in the near future. Bit of oil and gear lube on the engine and transmission. Hard to find leak-free 44-year-old cars though I suppose. The throttle is a bit sticky, but that's just a cleaning issue. The brakes are disc front and rear, but I'm not sure whoever put them on did the best job. They're definitely not great. Do 240s tend to have heavier brakes? This was the first one I've driven.
The interior is not the best. Dash has a few cracks. Gauges look great. I think they're replacements. It has new carpet, new sound deadening, and the floor was cleaned and coated with POR15 because rust was forming at the firewall. Door cards are decent, but I would probably try to replace them. One bad part is that the Door handles don't work very well, so he installed remote solenoids with the intention of shaving the door handles. The doors popping open are pretty cool, but a dead battery would make things rough. The great thing about the interior is that he has two FIA-rated seats installed, which are ~$750 new. They're both in good shape, and I'm pretty confident I could sell them for $4-500 each to some of the other people in our racing organization. That would cut the cost of the car down a bit.
So to recap the long post:
Engine: fantastic running 2.8L
Transmission: 5-spd swapped, but should be replaced
Brakes: disc conversion done, but does not stop very well
Body: Very little rust. Seems to be VERY solid and straight other than a tweaked hood
Interior: Needs quite a bit of work, but has ~$1k worth of seats to help recoup costs
So after reading all that, does this sound like an alright deal at $4000? I would haggle with him a bit if I can, but not banking on a huge discount.