Woot! Many people here go to the hardware store and mix and match the parts they need to convert the cooler to a mash tun. Its a good way to save money, I'm sure.
Sweet deal, gotta love craigs list!
If you want you could check out bargainfittings.com.
I have bought from them and have no complaints but always shop around a bit 'cause if you don't get just the right stuff then it can be a pain to have to fix or get replacement parts for!
Good luck!
That's a good deal! I paid $40 off of ebay for my 10 gallon igloo cooler. Put a ball valve/braided line for filtering on that cooler and you will be all set.