I wouldn't waste my money on something beat up like that.I don't care if Louis Johnson owned it. If it's not in decent condition i'd rather buy a new one....
One thing for sure, if a bass has that kind of body wear, it's been played a lot. Basses that are played a lot are generally pretty good, which is why they get played a lot. If I was in the market for another Stingray I'd buy it in a heartbeat, for that very reason.