Looks real good actually.
Ask him to leave it dead cold so you can see how it starts from dead cold. It should fire with little effort, with no more than maybe 10 seconds of blueish/grey smoke.
Both my 6.2's hit 55-70 psi oil pressure when cold, which drops to 35-40 psi at idle when warm.
Check the regular things too...leaky, greasy motor? You'll have to figure out if it's something you'll need to fix or if it's just minor. My pick-up is dry and clean with the only 'greasy' part directly below the oil fill area. You can tell it's just spillage, dust and time that made the minor mess.
My K5's 6.2 was also pretty good, until it blew a rear main seal...that's messy and would obviously need fixing. Good sized job IMO.
As for the truck itself, K5's are notorious for rust, and it tends to be well hidden until it's almost terminal. FLA shouldn't be too bad...but it's still smart to give it a good look. Typical areas are where the front seat belts mount to the lower sidewall. This area is open from behind with the tires able to chuck all the dirt, mud etc right into that part. It's often rotted badly enough that the lower belt mount would fail in a collision...yet the rot ends up well hidden by the interior panel. Best check is looking forward with your head in the rear wheelwell. Also, give the lower belt a tug and a wiggle...if it doesn't feel really firm you need to look deeper.
Open the tailgate. The rearmost part of the floor is another bad spot. Under there is a structural part called the tailpan. Completely visible from underneath, but usually caked with mud so it's hard to determine the extent of the rust. The rear floor should be flat from side to side...any sign of the floor bowing (looks like the floor is frowning from behind) is a sign of rot.
Check the inner rockers...they'll tell more of the rust story than the outers will. Rockers often fill with dirt and mud and the trapped moisture rots them out from the inside out. By the time you see the first rust bubble on the outside there isn't much left of the rockers at all.
take it for a drive, check brakes, tranny shifting, etc etc like you would any car.
That's about it...I tried to keep it K5 weak spot specific. Rust repair sucks.
Rene