If you can get it that cheap in OC, good on ya! Even in the current rough shape, it's worth a bit more, IMHO, but don't let that stop you from getting a bargain. Yes, the era is about right, 1974-75 is when they brought back that round headbadge, it's almost surely got a FR BB...very tall frame, but it's not 27", that's the size of the wheels. Ask him if he has the "slide-on" panniers that go with that rack.