I believe the drum may have been removed for some reason
in the past. The instruction plate in the center of the drum
is missing as well as the evaporator fan protection sheild.
I cannot see the indexing mechanism in the picture but it is
available aftermarket.
     This is still worth $500 just in parts.

500 bucks.. BUY IT!!

I have some additional pictures of the machine.  The body is solid although there is a lot of surface rust on the bottom.  Nothing a little clean up prime and paint can't fix.  The compressor is in good working order and was cooling fine when I saw the machine. 

Based on my "newbie's-eye" review of the machine, the following parts are missing and will be needed to get the machine working properly:

From Funtronics
Spring for Basket Release                                             $  4.00
Drum Release Wire                                                      $ 45.00
Washer and Retaining Ring for bottle basket                    $   1.00
Indexing Mechanism and coupling bracket                       $135.00
Shroud for evaporator fan                                            $ 26.50
Lock (replace due to lost key)                                      $ 12.00
Lower lock bracket                                                     $   6.50
Total                                                                       $230.00

Anybody see anything else missing based on the attached additional pictures?  While Funtronics has all of the above parts are there other reliable sources for some of these parts?

The coin mechanism looks complete and the flag and all the handles seem to be there.  I would appreciate an opinion from somebody who has worked on these before.

I was thinking of offerring him $300.00 in hope of getting him to settle at $350.00.  Does that seem reasonable?  I have received clearance from the War Department on this purchase--although I think I am going to have to sell my golf cart to make room in the garage.  Oh well, the walking will do me good!

My initial plan would be to just get it operational and plan to do restoration on the machine over the summer with my two sons.  That should keep us busy and out of trouble.  Of course, I will be asking a lot of questions!

I really appreciate all of the advice from all who posted today. 

Thanks again guys!

Tim

A few more pics.

what you can just use the golf cart to transport your machines     ON another note is the inside bottom of that machine real dirty or real rusty? beyond that it looks like a machine ready for serious sanding priming and painting and then of course drinking.