At $150, I'd take a chance on it. As mentioned earlier, those Delrin plastic derailleurs tend to break, but they generally shift quite well up until the point they do. If you take off the front derailleur while cleaning up the bike, use caution when re-attaching it. You can only put it on so snug until it snaps. At that point you can upgrade to something more durable, or buy a cheap original replacement online or in our sale/trade forums here. It's a point of pride (how long you can use 'em before they break) among some owners who keep the original plastic Simplex bits on their bike.

Cool bike. You buy this one, and then buy a Pashley. That way, when someone asks you what you've got hiding in your garage, you can answer "Elvish, Pashley."