Dont buy it,
schwinns are boat anchors (for the most part)
I'm pretty sure that miche group is something like 500 new, but I would guess he doesnt have the full miche group unless he (foolishly) had those hubs laced to deep v's. Removing those hubs (and I would bet dollars to dougnuts the seatpost is missing too) drops the value of that group to MAYBE 350. Thos 70's and 80's frames are not worth anything (I've been given several) and I would let him keep the bars and get something suitable for street riding (track drops are THE worst option for street use).
most importantly does the bike fit you?
I wouldnt call the dude much of a friend if he's trying to sell you that setup for 500 skins, if anything he should be hooking it up. I would offer him 400 at most, probably 350 unless he REALLY has the full miche group with hubs seatpost etc.