The Featherweight Field models are very nice guns. Does it have auto ejectors? Is there a single high rib instead of the low matted rib? Those would be extra options that might help justify the price.
I've never handled or shot an Elsie of any vintage (and I mean from 1902 to 1952) that had been shot loose. The design is solid.
Regarding the stock, I'd check for any major cracks and pass on guns that aren't pretty sound around the head of the stock. Minor cracks can be fixed by a competent stock doctor (ask on
www.doublegunshop.com/BBS). But even if the stock head is sound, I'd have a stocker glass that area to prevent any future cracking. That IS the weak spot on Elsies. Back in the day when stock work was cheap, it wasn't so important. Sadly, a whole new buttstock might cost as much as the shotgun now.....