Quoted from Hawkeyepin:

A fair offer is something both you and she feel good about. The people who are saying "this game is 5k and 6k all day long" may have an agenda. The assumption is if you offer 2.5k or 3, she'll be insulted an never do business with you. Maybe an owner of AFM on pinside might feel that way and I suspect they don't particularly want to see you walk away with an AFM that low. She has the same ability to research the market just like you. If people were beating down her door for this pin, it would be sold. If you're ok with watching 2-3k evaporate because AFM owners are dictating the going rate, then by all means go in there and say "Here's $5,500".
If it were me, I'd go in and BRIEFLY explain what you'd need to do get it in the condition you'd like it to be, tell her what the average price is for a DECENT condition AFM and offer her 3k for it. Offer to send her a picture of her husband's restored pin when you are done.
If you get it for that, by all means post it here.