Just about bulletproof once the lower intake gaskets, upper intake manifold, and pressure control solenoid are taken care of. All those issues aside from the PCS aren't expensive to permanently fix. If the transmission is shifting fine (not slamming into gear or shuddering), throw a shift kit into it, change the ATF and drive on. If the transmission has been rebuilt at any point, an improved PCS will have been installed.
Go take a gander. If it's well taken care if, I'd snap it up if the price was right.