I'm not an F-body guy--someone else can give you the exact trouble spots. When I have seen rotted subframes, they've been on the very ends, under the floors.
The problem with checking out T/As and Firebirds is they sit so low to the ground, so it's hard to get a good idea of the undercarriage. Meanwhile, he can slide his whole body under your Jeep like nothing and see everything.
If that's a Chevy 305, and not a Pontiac 301 in there, it should run flawlessly, so don't be overimpressed by that. The good news is, later on you can put a badass and relatively cheap SBC in there to replace the Three-Oh-Slow.
If no one else has better advice, I'd say bring a floor jack and stands, and a very good flashlight, jack the rear end up and get under there, then jack the front end up and get under there.
Motors and trannies come and go, but frames are very hard to fix.
If all is well and you like the car, I'd say it's a good deal if you're sick of the Jeep.
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