I got my first pin last year, and a LAH I just finished shopping out yesterday. You will need a large allen wrench to fold the head down (5/16" I believe) and an adjustable wrench to remove the legs.
LAH was relatively easy to shop out and fix up. At $1500 if it turns on and plays, get it. That's a good deal.
If some lights don't work, the bulbs can be changed out to new bulbs cheaply, or LEDs for relatively cheap. If rows of lights or sections of the game don't light up, that can likely be fixed with some very light soldering and easy troubleshooting.
If rubbers are rotten or falling off, they can be replaced easily. If plastics are broken, they can be replaced. The main "unobtanium" part is the ramp, and there happens to be one for sale on pinside now for about $60 IIRC.
The most likely to be messed up parts are going to be the magnets and the crane.
When you are inspecting the machine, open the coin door and slide the large lever at the top to the left to release the lockdown bar. This is the black bar that holds the glass on at the bottom of the machine. Gently slide the glass off and lean the glass against something solid, and don't put the bottom on bare concrete. once the glass is removed, close the coin door and start a game. Once the ball shoots out, knock down all of the crane targets. This should cause the crane to move from it's default left position to right. Throw a ball up immediately to the right of the ramp, and the ball should pop into the back right corner, and then load on the crane. If it doesn't stay on the crane, no biggie, this is common, and the machine will virtually lock the ball and move back to the left, if it doesn't move back over it's fixable, but I've never personally dealt with it.
Start a multiball to check the magnets. There are 3 magnets under the center of the playfield. Hit the captive balls about 5 times each (I think) to light multiball, which is achieved by hitting the far left scoop. The magnets should activate and if you hold some balls over Arnie, they should move around a bit.
The most likely thing to be a royal pain to adjust is the diverter. It can be done, but is finicky. This is the piece of metal at the top of the ramp. Roll a ball up the ramp. Roll another ball up. The ball should go in a different direction each time. If it is not moving, but you feel the motor struggling, see if it is held up on the plastic. If you even feel the motor trying to move, it is fixable.
If the sound is not working, there is a volume nob on top of the transformer just to the right of where the coinbox is elevated off of the base of the game.
You will also want to throw a ball around the various parts of the machine with the glass off to see what does and does not work.
Machines are usually really dirty when you get them, there are great threads on this forum about cleaning them up, but choose a random face on the playfield when you are inspecting and rub it with your thumb for a second. I'm guessing it will look much better afterwards, and give you an idea of what it will look like when it's all cleaned up.
If the game is playable, at $1500 you are good. Most of that machine can be replaced, the playfield can't. At $1500, as long as you are good with it the next guy will be to. If I can, I'll try and make a quick video of mine for you tonight.
Good luck and have fun!