This is a great student saxophone to learn on. It is not a naked lady model but is what has become know as the shooting star model. It was originally advertised by Conn as the "Director" model and introduced in the mid 1950's and ran through the 1970's. The alto was initially introduced as the 14M and was later changed to the 50M when the shooting star engraving was adopted. The tenor was the 16M.
    Ultimately, you will want to have it looked over by a local qulified repair shop to assess its state of condition. But if its in decent condition without lots of past damages or damage repairs, it should make a great sax to learn on. Although it may very well need a repad if its been sitting for a while.
     Here at Saxquest, after doing a full restoration, we sell these student saxes for between $750-$1000, depending on condition. A student overhaul will usually cost between $450-$600, depending on where you're having it done. 

Cheers,
     Mark Overton
     www.saxquest.com