The fellow has had it probably for a long time, so it probably has sentimental value unfortunately.
The repaint has nixed the chrome, it probably had chrome head lugs, fork crown and half chrome stays and fork blades.
redoing that is not cheap. you could look up the probable cost at Waterford for an example.
The parts are as said all over the place. There is some utility there but not even a majority for a restoration. I would ask if he has the old parts, often they were not given much value at the time of exchange so they could be kicking around. If he could come up with most of what was there originally and it was useable, then $400. tops. as it sits, $300. is probably closer but both offers would probably offend.