Thoughts on this Lemon Peeler?

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I'm really just looking for an education. I'm learning more about muscle bikes for no good reason. I saw this on CL, and wondered if it was a steal, fair, or outrageous?

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http://fresno.craigslist.org/bik/3242548445.html
 
That lemon peeler does have some very desireable parts. The shifter may get 200 bucks on EBay. The 16in front wheel with the drum brake is also very rare.
I was looking for a stick shifter for my cruiser, but found them so expensive that I made my own from a grip shifter for under 40 bucks.
 
Not a bad price, especially if the seat isn't crunchy. A chainguard will be pricey but at least it's one of the easier colors to match should you find one that needs painted.
The bow pedals and glitter grips point to this one being a 70' not a 71'.
 

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