I'll go +1 to the consensus, it's probably worth $100 or so, but if you're having trouble finding one (or if you don't have tools, or aren't handy) I probably would drop the $120 if I couldn't negotiate down. If you are handy, yeah, there should be enough room left on the rim where you can clean up the cut a little. Not than big a deal to leave it as-is as long as the edges aren't sharp, but it's not that hard to do a better job than THAT. It's a little too "BierMuncher" for me, but that's pretty easy to fix.
As-is, though, with the Brewometer and sight glass and ball value, that'd be a real good deal at $80 and plenty fair at $100. I'm assuming that's a weldless setup for the ball value? Be worth a little more if it were welded (well).