Nice eye, LaPorte !
Collegiates are good horns...actually, all Holtons are good horns although they get absolutely no respect at all. The are the 5th member of the "vintage Big 4" (my avatar over to the left is a Holton 265 alto).
Collegiates were their second-shelf horns, occupying the same niche as models such as the King Clevelands, Martin Indianas, Conn or PanAm 16M's, Buescher 30A's.....good, solid, great-sounding players.
Worth putting $200-400 of work into her if she requires it. It probably will...the seller makes no airs about it being playable, but physically it looks to be in decent shape. The horn would still be a very worthy investment even if you needed to do that.
The Holton tone tends to shake the foundations of most buildings.....
I'll put that one in my file...some Gretsch horns are Holtons...that's a new one on me....:mrgreen: