Re: Is this worth pursuing?
If the pads are shot and the horn needs dent work, the horn is worth no more than $100. Once you've paid to have it repadded and repaired, it wouldn't be worth more than you put into it, but it could be a decent player when all is said and done.
What else is embossed near the serial number? If it says "H", "HP", or "High Pitched", it's practicality and value are even less.
If this thing has been sitting around in his garage and it doesn't have enough sentimental value for him to keep it himself, why would your "friend" charge you for it anyhow? He should give it to you after you help him pack a few boxes.