Welcome Jerod. Nice to see one of my neighbors joining the "Bolt". You're going to find alot of variables in the answers to the question you've posted. And likely to recieve countless differing opinions.
The bottom line is, it's only worth what someone is willing to pay for it, and "reasonable" is where the line lies in your mind.
I can tell you a couple of months ago, I saw a 54 up in your area, a little rough, but drivable, with a 350/350 combo, and disc brakes that could be had for 4,500. I also just passed onto a friend a 50 5-window with a 235 (very nice driver) that sold for $4,500.
However, both of these are more exceptions in this area, rather than the rule. The 1st. I think was a college student needing some money. The second was a guy that was in the process of being deported. I can tell you, you wouldn't get either of mine for that kind of money.
Jerod, I'm not looking for any more trucks, so you don't have to worry about me trying to squeeze you out of your find. If you want someone else to look it over with you, or provide you with another opinion, e-mail me some more information, or pictures.
As for the rest of the group here, let us know what kind of price you're looking at, and we'll begin the barrage of opinions.
As you can see, I'm straight east in Brighton. Let me know if I can help.