Olds Ambassador vs Gemeinhardt M-1?

Sorry for using this forum just to pick your brains, but I'm trying to figure out if these flutes are worth anything. I'm considering buying one of them, I don't have a flute but I'd like to get my doubles together well enough to pass an audition for the Air Force regional bands.

The Gemeinhardt M-1 has a s/n in the 112xxx range, which means it was made in 1964. It's playable, maybe practicable is a better word, but needs some pads replaced if it's going to play really well. I'd really like to have a full repad done if I keep it, although I'm worried this may be a case of a repad costing more than the value of the flute when all the work is complete. A former teacher offered it to my for $100.

The F.E. Olds & Son Ambassador is in better shape than the M-1. It looks like a new flute and plays better than the M-1. Pads are in very good condition as well. This was probably lightly played and then put in a closet. It looks nickle plated. The serial number is 69,344 and I haven't been able to find any s/n charts to conclude the year it was made. I would have to make an offer on this one, and while I think it's worth at least $100 in it's current shape I'm really not sure. If anyone knows anything specific about this flute (value, production year, ect.) letting me know would really help me out.

Anyway, my assumption is that these are both student level (junk) flutes. Specifically, I'm wondering if for $100, the M-1 would be worth getting playing right and, if not, what a reasonable offer for the ambassador would be. The ambassador really does play well (at least compared to the less than stellar student flutes I've played on in the past). If pictures would help I'd be happy to take some, I'll be taking some shots of the ambassador either way in case it ends up on Ebay.

Thanks everyone,
Evan