Is this a good deal?

I'd say maybe. I'm not that experienced at this, but I'm thinking for one the motor is too small.

Most 2x72 grinders use either a 1 1/2 or 2 HP motor. This is listed as 3/4 HP. I'm thinking it wouldn't take much to bog it down. So you might end up replacing the motor before long. Of course you could then use the 3/4 HP motor for a disc grinder. :)

Also I'm not sure what the real benefit of having three wheels of the same size is. I don't think you will be wearing out a wheel all that soon. I might be wrong though.

Make him a low ball offer and see what he says. If he's looking to get rid of it fast he might take a lot less.
 
If I didn't have a 2x72 I would offer them 350 and buy it. Since it has step pulleys you can get a better single phase TEFC motor for cheap probably under a 100. Of course I would make sure it runs good as far as belt tracking and stuff before I would buy. Also if you end up eventually getting A "regular" 2x72, You could probably resell that 1 for the same price.
 
If it tracks well you can make a fine knife on it. No, it’s not the best set up but for a hobby maker (like me) I guess it would work. You will not touch a new grinder for anything close to that. Even the Grizzly 2x72 knife maker is right at $600. I used my Grizzly for two or three years then sold it to a friend for $350 when I upgraded to a Pheer.
 
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