I would say, for a site like craigslist (I'm assuming that's what you're looking at), I would say that's a bit on the high side for a refin. There's a black one w/ original paint in the classifieds now for less than that.
I would say out of the vintage shortscale market, the musicmaster is the least valuable.
reasonable, yes. it's hard to say what they sell for from city to city. In KC, that thing would never sell for five bills on craigslist because everyone is after shit pointy guitars.
Definitely go with the one in the classifieds from our old pal Aen if you're after a musicmaster....If the pickup has been messed with on the one you've linked to, you'd be missing out on one of the best bits (it's the pickup & the neck that make these guitars great in my opinion) - price-wise, the one seems OK but as others have pointed out you could probably do better still.
Good luck on your quest & I'll send you on your way with a shitty camera phone pic of my much-loved '78 musicmaster to inspire you: [/img]
Thanks for the replies... I've already got a 78 MM, so I was mainly thinking of getting another one, but the seller won't negotiate below $500, so blah.