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That is pretty steep, I'd figure about half that may be fair. IIRC '82 was the last year of the 2wd K5 and they are fairly rare in comparison to their 4wd brethren. It looks like the whole interior has been replaced with 89-91 pieces. Throw some I-beams under the front of that and some 37"s and it would be much cooler.
I had the seats pegged as being from a 92-94, and the truck looks super clean. I think the owner actually believes he is going to recover all of the funds he has put into it . Repairs have no effect on value much to me, the engine is rebuilt, likely because it had to be , and doesnt make it much more valuable, more sellable maybe .
Being its a 2wd makes it sorta rare but doesnt jusify the asking price.If the right person comes along looking for that spacific truck for customizing reasons he may be able to strike some sort of deal.