I have been wanting to buy another 2nd gen, wanted a 77 b/c i heard they were the best handling b/c chevy arced the leaf springs so tight they were just as good as the vettes in corners. i want to replace the subframe bushing and make it safe to road race at a track (NOT drag race). and maybe put new springs and shocks. Do you guys think this is a good deal, seems like he already spent alot of money on it.

1978 Camaro Z28

 

Considering what he has invested in it, that's not too bad of a deal, especially after talking him down more. The only thing that would bother me is the engine isn't running yet, so you're going to have to trust the quality of the engine builder, which it sounds like is the seller?
By the way, the only car that handles like a Vette is a Vette. It has IRS rear suspension, and the handling on the leaf spring suspension on that Camaro is a night and day difference....no matter how "tight" the springs are. Just thought you'd like to know now, before you go picking on a Vette only to have it smoke you through the turns!