Man. Tough call. I'm just guessing at this: The graphite neck, in a short scale Alembic makes it an exceedingly rare commodity - both because it's a short scale graphite neck (I've never seen one outside this context) and a graphite Alembic. On the other hand, as you point out, the current finish is nothing to write home about. Also, though I'm a great fan of simple mahogany basses, your bass can't boast a fancy top wood (though exotic woods were, by far, not as common in Alembics in '79). Another thing - a question - has the bass had the upgrade at Alembic to its electronics? If not, that's likely an expense a buyer would face.
All that speculation aside, as Bob said, there are more knowledgable folks here (Like the Sheriff, with hands-on experience in basses like this) who could give you more insight. In any event, please keep us posted and I hope Club members will have an opportunity to bid when you decide what you want.
Good luck.
