looks liek its a drum brake master cyl. make sure the brakes check out when you look at it..
some of that wiring looks damn crappy under the hood.. look close at that and the under dash wiring and make sure it isn't all butchered.
why is the heater core bypassed? is it bad?
280.480 cam will want some converter and gear to really run properly. so it does depend on how you want to cruise the car. if its a highway car you may not like it.. locally it could be a fun toy.. not that you can't change the cam and gear if you wanted to..
the biggest thing is go over it with a fine tooth comb and look for bondo or rot. check the floors, frame rails, cowl and look close at the quarters and make sure it isn't just a polished turd.
all in all it doesn't look bad but its only a picture that can really hide a lot. stuff i mentioned wouldn't be a deal breaker for me but it would be a bargaining chip..