I think you also need to look at "what else can I get for $1,500" you can snag a 98 or better xl 2.5 5spd ranger for that price. Its a $500 truck plain and simple. I dont care if it had a crate motor in it. The thing is old and outdated. Just tell the guy, my offer is $500, I can buy something 10+ years newer for this price!
besides, you said all stock. original shocks, coils are worn out, ball joints/wheel bearings worn out, tie rod ends worn out, 24yr old diff fluid...yuk! control arm bushings will prolly need replacing, the list goes on. That kinda truck you buy for $500 and drive it into the ground then scrap it. Its just not worth the coin to put into it. You'll end up with a 24yr old truck that cost you 2,500 by the time your done socking parts into it. Look around for a newer guy