If it is all there (coulter, all shanks, feet, some sweeps maybe) and is straight, that is, it isn't sprung out of "plumb" so to speak, that is an excellent price.
It might not have quite the ground clearance on a crop like corn, but on peanuts, peas, cotton, I'll take an N-Ford, a 600 Ford, or a 135 Ferguson and plow just as close to the row as anyone will with the behind the front wheels mounted cultivators. I have seen both and used both, and it is just according to what you are used to.
I love the old Farmalls, Deeres, AC's, etc., but really, when Ford/Ferguson showed up with three-point hitch, draft control, and 3 pt. implements (like the two-row cultivator you are considering) those old tractors were, for the most part, parked against the fence row to be revived by restoration buffs and nostalgia enthusiasts. I'm speaking of row-crop country in the South, cotton/corn/peanuts.
As far as "if you are only doing small acreage", I personally knew a man who worked 200+ acres of cotton/corn/peanuts with two 9N's, two 2-14" Ford bottom plows, two 2 row cultivators, one set of Covington planters, two 6 ft.disc harrows, and he always had his crops planted and laid-by in time to stay in town for a week during the July term of court. He always had clean crops (before herbicides were available) and made good yields.
Buy the cultivator. I wish I could find three of them at that price.