Would you buy it?

Not a 308 but had one of these in 222Rem. It was a fair shooter giving groups about an inch best I recall but it got traded for something else. Dan.
I'd buy it in a heartbeat and use it as-is, mount a 2x7 or 2x8 30mm with a 3P4 reticle for short-medium range hunts where 2MOA (should be able to get there with a handload) will be more than sufficient. If you can tweak it down some, all the better.
I passed on it and took it back. Too many irons in the fire right now so it will just sit there anyway until I'd get at it. Possibly next spring or so I might look at its value differently if it's still there.
That's a nice rifle. Yeah, groups could be better than you experienced, but not that difficult to overcome. $500 is not a Great price, but it is a Fair price. I will state this upfront....the recoil pad has to go Bye-Bye. $30 for some sand paper, epoxy, sealer with about 2-3 hrs work you can get rid of the barrel lug, free float it, bed the receiver and you've got a new shooter. YouTube is your friend ! I did it and turned a "Get rid of it" into a "You ain't ever gonna touch this".
Hmm a 20" M-70 re-barreled to a 358 would make a dandy bush rifle :wink:.
Maybe if you make the seller a lower offer he may accept it.