Half price would be the max I would offer. It's difficult to sell quilt frames, and you cannot be sure all of the parts are there, so I would probably offer $125-150. Here is a link to the parts list and instructions for the Little Gracie frame:
http://www.graceframe.com/site/pdf_i...ons_metric.pdf
I believe this frame is made for a domestic sewing machine. Probably a 9" throat would be the max size you could use. There is a Youtube video that shows how to set up the Little Gracie II:
http://www.youtube.com/watch?v=HE4aYb9QpZo
One concern I have is that the Little Gracie frame does not appear to be sold anymore on the Grace Company website. Plus the Little Gracie appears to be superseded by the Little Gracie II. These would be additional reasons not to offer too much money for the Craigslist frame, as it may be obsolete. (You could do more research and use all of these reasons for making the low offer.)
Edit: Found this thread that may be helpful:
http://ths.gardenweb.com/forums/load...553059328.html