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Yay or Nay?

I'm happy with the range of tones I can get out of my Aerodyne. It's feel (weight, neck, balance) makes it easy to play for hours. I can get a decent P thump with the neck soloed, but it's a different animal from a standard P as far as comfort and playability go. You'd be wise to figure out the P vs Aerodyne thing before moving on that particular P, given the caveats above.
 
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70's in my book is not vintage, and while I don't own one lots of responders here who do or have seem to be warning you off. My main bass is a 59 P - until recently I also owned a Classic 50's Series P bass (MIM, maple neck, Fiesta Red) that was a really great bass, pretty darn close in feel to my 59. I used the Classic 50's for gigs when I didn't want to bring the 59 out, and it sounded just as good, with the right strings (flats, of course!). New they're somewhere around $800, they often show up used in TB classifieds. IMO, a way better bass and investment than a 70s era P bass.
 
I'm trying to be impartial despite the fact that this is an identical twin to my main bass. I realize that QC on Fenders of that era was all over the place, including everything from virtually unplayable boat anchors to sweet instruments like mine. Best advice is to try before you buy. If that's not possible and you really want this particular bass, buy it. Vintage Fenders aren't being made any more, only new copies of them. If you get it home and don't like it, flipping it shouldn't be that hard. If you aren't enamored with this one bass, keep looking and you'll eventually find a deal you can't refuse. Hope this helps.

There's a great looking '97 American P wit ha tweed case for $1129 with free shipping on eBay now. The seller's name is Oneidatrail.
 
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The guitar player might have a sound in his head that he's hoping you will bring with a vintage P. I think it is best to work out this detail. Find out what he's looking for. You might agree with him and work towards a goal together.

Also - I agree about the whole 70's Fender thing. I've seen many and am not that impressed. Closest I came to buying 34" 70's Fender was a Jazz Bass I offered the guy $1200 for. It was a good example of a 70s Jazz Bass, but my Warmoths make it look pretty generic. My 70's Fender short scales are fun basses but again they can't hold a candle to my Warmoth short scale.

Some people are into the vintage thing and if you are that's cool. The nostalgia and story associated with an old instrument is cool. I'm not that into it so I would rather buy modern instruments that are built with high quality, refined features, and outstanding reliability. For me they don't make 'em like they used to and that's just fine.
 
I think its a good price for that bass. A 77 P 1400.00 I don't think you would have a problem selling it A 70's bass are not common. Buy it and play it. If for some reason you don't like it put it back on the market. I am surprised its still available. It could be heavy but it looks great. Make sure its all original parts. Im a little tired just got in and I saw the 150.00 shipping price. Hmmmmmmmm….So it will be 1550.00......Still good but see what the weight is.