For $80, I'd go for it.
That looks like an oak version of the VV IX. --
(ALSO SEE:
http://victor-victrola.com/VV-IX%20PHOTOPAGE.htm -- bottom photo.)
Your friend should see a metal ID plate, under the lid, containing the model number followed by the serial number. With this information, you can go to this page, to see when the machine was manufactured. --
http://victor-victrola.com/IX.htm
The chips in the cabinet can probably be fixed -- either with stained wood filler, or small pieces of veneer -- and the areas blended in. I'm no woodworking expert, but I understand that this is relatively easy to do, and there is plenty of information about this on the web.
If this machine has not been serviced recently, you'll want to re-grease the motor, and replace the gaskets in the reproducer before playing very many records. There are a number of parts suppliers/repair shops listed on this web site --
http://www.proaxis.com/~settlet/record/links.html -- under the Accessories/Restoration section who could be of help.