id offer him $$3000-3500 for the camaro. Thats all its worth. I see ones with lower miiles in better condition go for not much more than $4k. Id still the Lt1 over the 240 for sure. Have the heads ported, drop in a healthy cam, some bolts, exhaust, sticky tires and gears, you are talking a 400 hp monster that will trap 115+ at the drag strip.

Ask if hes done the optispark in the camaro as well. If it has been done lately or not a ll. You can bet yourself, it will be do soon enough and that alone will probably run you $500 if you let someone else do it.