Well looking at the rifle, the majority of the bluing is still there and in good condition. Obviously from age, some of it's going to ware off (and it hasn't been re-blued at all from what I can tell), but looking at this one it has I'd say about 95-98% blueing. The stock has some dings and dents, but nothing serious or eye catching if you were to just look it over and say, "hey, that's a nice rifle," like I did at first before going back to check it out again. (Interesting to note, but the same crest is stamped into the butt-stock.) By what you gave, I'd say it's between Very Good and Excellent condition, because the stock hasn't been sanded (or too sanded if it was,) and the blueing like I said is mostly all there except for some spots where it's obviously not.
Also, what he meant about the crest, and I just didn't word properly, was that from all the South American Mausers he'd ever come across (his own in some cases) the crest was non-existant on the receiver, or if it was, was not as brightly shown as this one is. (There isn't any sanding or anything of it, it's mint itself.)
I'll take a look at some of the ones posted on here, to get a better idea of what condition the rifle really is in, and if it is worth the amount he wants, or if I should try and haggle him down to something more reasonable. I might just have to do that anyway.