Hi,
I have an '86/'87 trek elance 400. It has Reynolds 531 tubing, which makes it worth a bit. It really depends on where you are. Here in NYC, any vintage trek, as long as the frame's okay, will get you at least $150. It all depends on your location.
IMO, vintage treks, as long as the frames are in decent shape, are worth a fix-up.
And I've gotta say, I've yet to see a steel Trek bike go for less than $200 on ebay (plus/including shipping). It seems that price quotes are frequently low-balled based on a person's "best deal". That's not the same as your mean or median.
cheers on your bike, they're so fun to ride.