Your offer: PASS. The bike's worth half that, in that condition.
Couple of things. 2 speed is correct option for '69. That may be the last year for it but it's an available option. Coppertone is not. Don't know if it's a repaint or what the deal is.
Maybe it's not a 69, maybe it's built up on a replacement frame or a combination of parts. That kind of thing happened, but not many people can accurately reproduce Schwinns colors, and coppertone is one of the hardest.
A condition 4 bike, that's going to need a rechromed rim (I'm guessing, if you can even save it) or is missing pieces, unless it's really something rare, is not worth that much. Even the cool 2 speed 28 hole hub is just not that super expensive of a piece to justify gouging by the seller.
A lot of people think that Schwinn oval on the front is made of gold. Well, it's not, it's good American steel but not gold.
Now as for the value of parts, that frame is just a coaster Stingray frame. The 2-speed didn't get a rear caliper brake so it's not like a Krate frame. There is a caliper brake on the front fork, or should be, so it's an odd combination of parts. The condition of the remainder of the bike will determine the value- if the handlebars have "typical" rust, you're not going to get them to clean up well. Likewise the stem, the fenders, the crank, the fork crown. If the seat is trashed, thats $100 these days. If the pedals are bad, that's $20-40 for nice ones. And the tires have gone UP in price as they've gone out of stock. Oddly it's the front tire now that's no longer available at any price a sane person would pay.
I hate to say it, but pass on it unless he's willing to come way down. And some way he should try to document what's original on this bike because the paint isn't. Here's your reference:
http://www.trfindley.com/flschwinn_1961 ... 69_24.html
--Rob