Sounds like a pretty good deal if the bow is in good shape. Might be someone who was thinking about getting into traditional, bought the stuff, then gave up.

The arrows may or may not work for you. At worst, you can make them into flu-flu's.

Twisted limbs would be the big thing to check for, and obvious signs of abuse.

Picking up a copy of "Masters of the Barebow, Volume III" wouldn't be a bad idea.