Hostage,
A friend (an active NAUI instructor) of mine purchased one of these Scubapro Stabilizing Jackets (SSJ's)--looks exactly like the one in your picture--new in the early 1980's and uses it to this day! She dives it with the clip-on pockets removed for a cleaner profile.
I purchased my first SSJ (orange, having the first "taco-pocket" design) new a few years later (in 1987) with a new 2nd generation AIR II shown in your picture. Loved it. Sold it when I began diving dry in the early 1990's, as it was too small to accommodate my crushed neoprene drysuit and thick undergarments. Purchased a new black "classic" "finseal" SSJ (ca. 1993) of larger size, with a 3rd generation AIR II, to replace it. Still dive it. Still love it.
Actually, the orange SSJ probably has better hydrodynamics (than my black SSJ) since its edges are glued and taped *flush* with the jacket panels. (My black SSJ has edges that are glued and taped and sewn in a way that leaves a "standing" seam that is NOT flush with the jacket panels.)
I wish I could have kept my (smaller) orange SSJ for the times I'm diving in only a swimsuit or a 3/2 wetsuit. If your friend's orange SSJ has been kept out of chlorine water (Cl kills the neoprene waterproofing painted on the inside of the SSJ panels) and washed/rinsed/dried religiously inside and out after dive outings, then it probably would be a worthwhile purchase. These things had/have a deserved reputation for being nearly indestructible, and being easily repaired if holed!
Someone above suggested you should change out the tank band. I don't agree. Anyone who has used one of those Scubapro "super-cinch tank bands" (or whatever they are called) will attest to their simplicity and robustness. They're really quite solid!
The SSJ accommodates back-mounted doubles, if you're so inclined. (Early on, I wore double Al 80's and double HP 80's with mine, briefly.)
Also, the blow-molded, plastic backpack is easily separated from the jacket itself, so if you purchase an additional weightbelt buckle and about 10 ft of 2-inch nylon webbing, you can have a nice, simple backpack to use BC-less, old-school, with a steel 72, Al 80, or Al 63, or Al 50.
One other thing: If your friend's 2nd generation AIR II turns out to NOT be serviceable, simply replace it with a power inflator (either Scubapro's or a generic one). Generic PI's are really quite inexpensive new.
Safe Diving,
rx7diver