I say its a fair deal. Seen them go for almost double that and around average $400. I can't understand why but some people pay almost $500 for the repop krates without the gears so I say for a 5 speed/drum brakes krate $325 is a good deal.
Although....a recent score of mine I paid $200 for the same bike. The girl didn't really know how much they were worth and didn't want to tell her either. But it is a great bike and fun to ride!
I say jump on it.
Forgot to mention something....as far the neck goes I say replace it with a nice schwinn original neck. The one that comes on these bikes are aluminum and bend so slightly (and ugly) that it seems unsafe at times. Other than that its a great rider.