"The "L" Stands for Low pitched. Alot of Jazz players like the low pitched horns. I personally do. Some Legit players say they are hard to tune."

This guy above doesn't know what he is on about. Avoid his advice, it is, again, the blind leading the blind.

Yes. L means Low Pitched.

Jazz players like them sure BUT so does everyone INCLUDING CLASSICAL "LEGIT" PLAYERS because these are the ONLY ones that play at the current A=440 tuning standard. High pitch (H) is an antequated tuning system and those horns are only really good for lamps, pub walls or harvesting for mechanical parts. Unless of course you have some sort of bizarre high pitch saxophone quartet.

AS for tuning they are NOT necessarily hard to tune, especially if they have been set up correctly, but vintage horns such as these do have different tuning characteristic to modern horns more of a flexible "intonation vs slotted intonation" (saxaholic) but this is a good thing if you have good technique. They may however be a little more idosyncratic when it comes to pairing with a mouthpiece.

Is it worth fixing up? I say definitely, especially if the neck is in good condition, but it is not necessarily something you can make much money on unless you are the one doing the work. BUT you will get a nice horn!