I would have thought so as just from the brief desription your probably looking at £500 spending, with the tyres, chain & sprockets oil etc - so thatd take you up to 1800. I wouldnt pay more than 1000 for it as theres some decent track bikes going for that kind of money.
I know its hard to hit a man when hes down, but youve gotta look at what its going to cost you - also whether its had any of the usual performance mods or not??? If you take a look around you can get an mot'd RSV for 1500 at the mo