Honestly, I would tell your buddy to put that money towards a Tremec. If he isnt pushing a lot of power, then the t-5 would be fine. Best prices are on the corral classifieds.
I got mine rebuilt to BRAND NEW 0-mile form for around $750 shipped for my 66 stang. If you are interested let me know and I can get you the guys number and all that. GREAT guy, great help on my swap too.
Matt