Does this sound like a good deal?

why don't you go look at the car yourself and see if its what you want. As for being a mach, look at the drivers side door tag and if the body code says 63C its a Mach. 1500 is a good price for a project car, but it all depends what you want to do with it, what your budget is, and whos doing the labor? (gets expensive to have other people work on your car) A $1500 car will eventually cost you 10-20k depending how far you go with it. Personally I would look for one that is complete and doesn't need too much work unless your looking to do a project. Project or not always look for the basics, make sure its a solid car. Good luck

if it has any rot I would probably just walk away.