I can't comment on its condition but from the 1 photo provided I don't see any extensive rust which has the be a good start. Muffler still has its black paint on it...
httphttp://cgi.ebay.com.au/Mercedes-116-V8-Complete-Exhaust-System-Sydney_W0QQitemZ300214210557QQihZ020QQcategoryZ130632QQssPageNameZWDVWQQrdZ1QQcmdZViewItem://
I.
httphttp://cgi.ebay.com.au/Mercedes-116-V8-Complete-Exhaust-System-Sydney_W0QQitemZ300214210557QQihZ020QQcategoryZ130632QQssPageNameZWDVWQQrdZ1QQcmdZViewItem://
I.