Only had her a few hours, but here are my initial thoughts ...
Cosmetically its in great shape. The neck, fretboard and headstock are excellent. Actually the frets were pretty green when I got it, but the cleaned up well. And there was a lot of gunk on the bridge to clean up. The finish has more wear than I like, but its fine. I polished it and it looks good. The neck has some nice figuring in it!
All the hardware works, no issues. The truss rod turns with no problem using a regular Gibson wrench. Tuners work fine.
The setup is higher than I like. I'm, replacing the strings, but the new ones haven't arrived, so I only gave it a quick setup. It needed a half turn on the truss rod. The neck tilt was tightened by the previous owner causing a bit of a hump in the fretboard at the bottom. Fortunately that is mostly gone after backing off on the tilt adjustment.
This is one of the most comfortable basses I've ever strapped on. The body is small like a Foundation and its heavy enough to feel solid, but not too heavy. The bridge is a good inch further back on the body than my Foundation or T-20, which has the effect of making the neck feel shorter. Its a snap reaching out to the first fret. The nut width is thin like my Foundation, which I usually don't like, but the neck is thicker front-to-back which makes it feel better in the hand. Overall it just feels really good on a strap. It hangs and feels comfortable.
The sound ... wow ... different. Its a very aggressive sound. This thing is going to have no trouble cutting through any mix. It was really a bit too aggressive for me, but a little tweak of the EQ on the amp, more bottom and less mids, and it sounds good. Its got low end and an aggressive bite on top. Its not the sound I normally play, but I might just work for me. We'll see.
I'm happy with it. I love these old USA Peavey's. They look and sound great, and each one has a personality of of its own. And I can own 3 of these for the price of a MIA Fender.