Too many mysteries on this one for $8k. The potential is here to lose big time. I would be very skeptical and only interested if the price was more reasonable.
You need to inspect all points of the front suspension for looseness. Steering box cross shaft, tie rod ends, ball joints, idler arm, wheel bearings, upper and lower control arm bushings.
Those big round holes were used for shipment only. Exhaust hangers used a square hole ( with retaining clip) rear of that hole and on the inside of the frame rail.