Personally, I wouldn't haul something of that quality level, in that condition, if it was free. You'd have to need a box awfully bad, or want to take on a project for the experience to do so, in my opinion. I'd wait for a better one. I'd expect to pay no more than $75 for one with good paint, with no problems in Craftsman.
I had one similar, with good paint, but black and red until a couple of years ago. It had been in my shop for a long time, having been upgraded long ago, and stored sandpaper and sanding belts for the past few years. Eventually it was in the way and i put it out at a yard sale, It sat most of the morning, and eventually sold for $35 or so.