Well, since I started this, and we're speculating about this plane, I called the owner up, introduced myself as a Cruisair owner, and asked him about the plane. It has gone thru an extensive annual by an old time IA who knows Bellancas. All AD's were reviewed, and complied with. Grant even sent him steel rudder bellcranks. Required dye checks were made on appropriate parts. The owner is not tailwheel qualified, so has only taxied it around, and changed the oil after approx 5 hours. The plane came from a widow (as usual...I Threaten my wife and kids with the same). The nice thing about Franklins, is that you can remove the top cover and look at the inside, along with bore scoping the cylinders. You can also get at the lifters without taking the engine completely apart...though not sure he'd let you do that. Not sure I would either. But I'd check the valve clearance.
For what he wants, it sounds like an interesting plane and worth a look. I sure don't need another one, and besides, I am too chicken to buy a plane on EBay without seeing it, and there is no reason for me to go look at it. If I was in the market for one though I'd consider looking at it, after I had him send me the pertinent records. It is not an OSH winner, but sounds pretty nice. Some minor color mismatch, but not the end of the world kind.
He's looking for someone to fly it, so anyone in the area might want to take a look and see if it is really safe to fly, and to help get another Cruisair back in the air.