Looks genuine to me. He explains how he got the items + why he's selling + why he doesn't know much about them or the history, i.e. he's not a photographer.
Feedback shows he's not the most reliable for fast delivery.
If it should go bad ... Paypal protection is a good thing, although only £150, but your credit card company should cover you anyway. The fact that you can pay by Paypal is a good sign that this is a genuine sale. Fraudsters will only accept direct bank transfers, not Paypal, to avoid a "paper" trail (credit card record)
I would say go for it, except if the price goes any higher, seeing as this is second-hand equipment
Edit: You could always just watch this auction, as it is the first of 2, and if you see this one went ok (look out for feedback on it) go for the next one.