According to the auction, it still retains the stock warranty, so yeah, it still has a warranty, but not for long. If you're worried about it, you could buy an extended one, but really, I wouldn't be worried at all. Of course, I'd want to hear it and test drive it before signing all the papers.
A car like this isn't a one off - the one off cars are destroyed. For example, all the "GT"s running around with boosted 5.4's WILL be destroyed. This one probably had all the PRODUCTION bullitt parts hand fitted... but was (most likely) put together early in the '08 run.
The 1pp means it was a car built on the line in a pre job 1 build phase. They often take some of those cars and have people drive them for 6-8 hours/day to get the mileage up to see if any last minute issues come up. So basically, someone drove a loop on public roads around the assembly plant (flatrock, MI) for ~50k miles. That's a lot of Michigan potholes & salt.