It might be worth that much if it was 100% rust free. Otherwise he's asking way too much IMO.
At the beginning of the summer I bought an '89 Cheyenne 1500, 4x4, regular cab long bed, with a 350 TBI and 4-speed manual, some rust on body but solid frame, 78k miles, mechanically great, needing nothing but tires. I paid $1200 for the truck (craigslist).
http://i.imgur.com/l1kAYHGl.jpg
Back in like 2012 I bought a '97 Silverado 1500, 4x4, extended cab with a 350 Vortec and 5-speed manual, zero rust and nice paint, 240k miles but mechanically perfect. I paid $3200 for it (craigslist).
http://i.imgur.com/sgLcgG8l.jpg