Depends how bad you guys want to make a deal. He may already have priced this kit low to account for the issues (which is likely more than just a faded floor tom). Off the bat I would just consider that he knows exactly what he's got. Now, I'm making a geographical assumption here being that the kit is in Austin and he's a player/collector and this probably isn't his only kit that he got and played then abandoned in the summer of '65... but who knows I could be wrong.
So I'd be considering some issue with the shell(s) like additional holes or some split in the shell / delamination and deciding whether or not I would want one of those repairs to be part of the project. A 200-mile round trip isn't too much if the kit is relatively free of issues. And a 200-mile round trip isn't too much too save yourself a fistful of dollars and some headaches. Justify it further by planning to see a band in Austin and then just "making" a side trip to see the kit.