I don't think that's a bad price for an original, especially if it's running. Look for cracks/breaks in the case that goes between the transmission and the frame, as they were prone to this happening. The deck should be a big rectangle, timed blades with a big cogged tooth belt, and with loops on the ends for skids, and hopefully the gauge wheels and arms in the back. That was the only deck built for the originals, but some folks swapped the later 38 deck for the original ones. The later one is shaped like a typical mower deck is now, pointed on the ends.
The missing IH emblem is not the end of the world, as those are pretty easy to find. The hoood ornament however, is nearly worth it's weight in gold, and was only used on the original so they are scarce. Also, the correct extruded metal grill is hard to find if it is missing
Other things that would make it exceptional would be headlights, fenders, or a creeper drive.
Send us some pics when you've got it!