Is this guy nuts?!

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No it isn't but you can feel free to ask whatever you want, I seen a guy selling something outrageously priced and after a year it actually sold.
 
I'm gonna go with "yes".

To the "is this guy nuts?!" part, not the "is the wheel worth this?".
I wouldn't pay more than $150 for a wheel that comes with a tire. Just a rim with rusted spokes? No way.
Just googling "1976 GL1000 rear wheel" brought up this:
https://www.ebay.com/itm/like/3515106454 ... noapp=true
Same rim, plus the brake disc and a tire, no rust, less than half the price.
 

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