Brand new the little Gracie II frame sells for $700 plus shipping
http://www.icanhelpsew.com/Little_Gracie_2.html
I'm not sure what the Grace speed control is, unless it is this item:
http://www.icanhelpsew.com/gracie_regulator.html which is an additional $500. This product is compatible with only certain machines (listed on the link) so you would have to get that brand/model to get any use out of it.
So yes I would say this is a good deal if you get a machine that works with the speed controller. Then you need to decide on a sewing machine for the carriage. Which could easily be another thousand or so.
Edited to add, if this CL listing includes a sewing machine then it is a very good deal, but at that price I would be very surprised if the seller is including a machine.