Frame doesn't look to bad, the black Project Two's from 91 and 92 tend to go that way regarding the paint for some reason. I'll take a photo of the ones on my 91 Lavadome as reference.
Yeah, I've had a '91 where they were like that. I'm half tempted to go and have a look at it but think I'd get throttled! If I do then I'll take some better pictures of it.
It is a nice looking one all right, price daft though for what is the Cromor version. If it was the Max OR version it would be a different story...
Bear in mind that you might need to be nifty at seatpost removal as well though.. No seat binder bolt in the frame or seat post cradle suggests that it may be a bit stuck
Thinking about it I would want to know that stem moved as well before taking the plunge!