I bought it! It's in pretty rough shape, but I got it for $80. It'll be fun to see what I can do to it (without being afraid I'll ruin it). I'm not sure if it was rewrapped, but it wasn't spray painted. Whatever the weird flat black is, its an actual wrap and there's nothing good underneath. It's like a cheap cardboard version of a black panther wrap. Or maybe it was glossy at some point and has really faded. (the snare did not come with this kit)
Good news: 3 ply shells.
Bad news: somebody spray painted the insides, including the bearing edges. That'll make some extra work for me.
The 2nd rack tom must be from a different kit, since the lugs are different and it's exactly the same size as the 1st rack tom.
There are tons more pictures here: http://s988.photobucket.com/albums/af5/potsy24/Star%20Drums%20Restoration/