John,

Back then it was Rodgers/Slingerland/Gretsch and Ludwig...a lot simpler choice than today!
(And yes, blue sparkle was the most popular choice as I remember)

I guess there's 2 ways to estimate the value...as a nicely refurbished antique, or as a very old/outdated drumset. I can see you're appraising it the first way, which is understandable considering the amount of work your friend put into it, as for me, I would look at it the 2nd way, but that's just me. In any case, I would think the bottom line is if he's willing to sell it for that price then you're not taking advantage of him?

Another thing, does the set have the original hardware or has he found some modern equipment to hold it together? I think the biggest improvement in modern drumkits is the heavy-duty hardware. My first set was a 4pc. Gretsch from the '60s...the bass drum pedal had a leather strap (which eventually broke), the bass drum spurs were little rubber tipped deals and the bass drum would consistently "creep" away on me, and the ride cymbal stand was attached to the bass drum with a ridiculously tiny wingnut...the cymbal stand would just work loose and fall if the tune we were doing went more than 5 minutes. I don't know what the hardware is like on the kit you're looking at but if it's like what I have described this would be a major consideration for me...the old style hardware was exremely flimsy and downright impractical compared to what's around today. I just couldn't deal with it now if I had to, even though I've always been a "light" player.

Chris