That's kind of neat. I've never seen one like that before. I love old automotive tools but I think I'd trust a modern engine hoist over that one. Plus you can buy a brand new one for less than that. Still kind of interesting to see. I wonder if they can sell it for that price and if so who would buy it.
Considering old engines were a LOT heavier than modern engines generally, I don't see your point on not trusting it, assuming the welds and whatnot are still sound.
And what decent hoist can you buy for $200?

New? I don't think so.
If I had tons of space, and that was nearby, I'd go work a dicker with the man...
And saving the pics for posterity:
And the best i could do to get the name plate more visible: (Rated for 2000 lbs... A ton!)