89Vette, as you probably know, drive train noise is very difficult to diagnose without hearing it personally. Also, some of us will tolerate higher noise levels as "normal" than others do.
Couple of suggestions -
1. There are 3 grease nipples on the rear drive shaft. If these are not lubricated it will cause a drive shaft vibration and noise that sounds centred. So your fix could be as simple as a dozen shots of grease.
2. Rear axle bearing noise is very distinct. It is a "whaa - whaa - whaa" noise and the frequency is directly linked to wheel speed. It also can sound centred if both wheel bearings are shot. Then the noise merges into the centre.
3. Diff bearings or gear noise is more of a definite whine and comes and goes at certain speeds, and depending on if the throttle is down, or you are just rolling along.
4. As previously mentioned, tyre matching and condition, and even tyre pressures, are super critical on these vehicles.
Without actually hearing the noise, that is about as much input as I can give.
Use this condition to drive the price down, or walk away and keep looking.
If you get the price down, and it ends up being an easy fix, that is your reward for taking the risk.
Good luck.
PK






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