I went and played this bass last week. Would've reported back sooner, but my internet cable took a hit.
Anyway, I'd recommend it to most A-clubbers. It definitely has some wear but it plays like a champ. Silent. I doubt it will need the upgrade, but that will of course depend on the buyer's location and level of electrical interference. When I played it in the store it was dead silent. Tone was really nice. I took my '87 Series I with me and A/B'd them. I still liked the tone of mine better, but the difference could have easily been attributed to string type and freshness.
When I came in, one of the shop owners was photographing it for a potential sale. I told him that I was checking it out for someone else who might be interested (true, but the guy is no longer interested). He said that if the person who was considering it didn't come through, he might consider $2K.
The crack is in the back laminate but does not appear to go through to the core. It has been poly-coated over, so you can't even feel it. I wouldn't be too concerned about the crack. The back is beat up in general. My biggest single concern is a rough area on the G-string side of the neck and side of the fretboard near the 1st and 2nd frets. It looks rough and is rough to the touch. Didn't affect playability, but then I only spent about 10 - 15 minutes with it.
The power supply and the cable are homemade but function perfectly. I was able to power my Series I with it. Everything worked fine, including my LEDs.
The repairwork, including the crack repair and poly-coated back were reportedly done by Mike Koontz. Mike is a legend in the Detroit area.
If I were in the market for a first Alembic, I'd probably pop $2K for it.
Peace,
James