As long as the wood isn't rotting, being eaten by termites, and the playfield is halfway decent, sure.
Boards aren't too difficult to swap or repair. There is a lot of info on pinwiki.
$280 for a backglass, $150 for a new MPU, $15-$60 for a new rectifier board (cheaper if you assemble it yourself), then either repair or replace the other boards, depending on what your skills are and how willing you are to learn how to repair stuff. Then rebuild the flipper assemblies with new parts ($40-$60), put new coil sleeves in everything, replace drop targets, pop bumper rebuild kits, and replacing anything else that's badly worn or broken.
If you think you would enjoy fixing it up, then yes, it's a good price. If it's not something you think you would enjoy, then a project game might not be for you.
You may need to put $500-$700 into the game as it sits. A fully working one is around $1200-$1500, if you can find one. So if you can do the work, you can save a few hundred.
[edit]: If it is listed publicly, it's probably already gone. Cheap project games are very desirable to those who like working on them.