hello
howdy partner. vintage collectible bike for sale here. make an offer. 
I am 5'7", would this bike be ok for a person of my stature?
yep. good for anyone 5'3 and taller. but need some work. it will be a great project bike
What kind of work does it need? Are the tires in good shape?
it needs deraileur, seats, tires need to be replaced. frame is excellent. 
Would you be willing to let it go for 40 since it needs that much work?
tell you what. we'll split the difference. 50 and you got a deal