It has power brakes; the round gold colored thing on the driver side firewall is a power booster. Cannot see if it has the holdoff valve that would indicate front disc brakes,
The lens on the shifter shows three forward gears; if the car has a TH350 (which is likely) it is not OE. OE auto trans with a small block would have been a Glide.
I can see the vacuum valves, lines, and reservoir on the underhood pic which make the RS headlihjy doors open and close. If it is an original RS car (there are ways to tell, such as stamped [vs. cut] openings for the reverse lights in the lower tailpan, the way/location the wires are routed to these reverse lamps in the trunk, and a stamped/punched [vs drilled] hole in the firewall to the side of the fuse block/bulkhead, where the vacuum lines to the headlight switch go through the firewall.
I can't count the number of coils on the hood springs in the pic; an OE SS hood had springs with 28 coils (vs standard hood 26 coils) to support the extra weight. Many who swap the SS hood on do not know about or bother with the springs.
Other useful 68 model info:
If the rear spoiler was OE (more than likely was not), the pass side trunk spring will be slightly heavier duty than the other, again to support the weight. Adding a spoiler without doing anything with the spring is common, and a good way to get a concussion...
The engine will have stamped assembly coding and a partial VIN matching the car if OE http://camaros.org/drivetrain.shtml
That front stripe would make me nuts. It is not a correct D91 "bumblebee" stripe, and depending on the car's build date, it could have had the D90 stripe (the style that turns and runs back at the body line and onto the door). I doubt you can really fix it though; that body color (which does not appear to be a factory 68 color) would probably be hard to match.
The condition of the rocker panels are particularly important on 1st gen verts. There are the inners (but up to floorboards) and outers (below the doors), and then another rib inside you cannot see. Because the outers are missing the chrome spear that all 1st gens had and the car does not have the RS-specific moldings on the lower body, I am betting that either the rockers are full of plastic filler or have been replaced. Take a magnet and a soft cloth to check. Also check inner rockers; original floors turn down and are spot welded at intervals to the inner rockers. If the joint looks different than this or there is a bunch of filler in the inners, that's not good.
While we are talking about rockers, open both doors and look at the area at the front where the panel the door hinges mount to meets the outer rocker. Cars with weak rockers develop stress/fatigue cracks at this joint.
There are also several convertible specific underbody reinforcements that need to be there and in good shape. There is a brace that is welded to the floor under the seat mounts and runs from rocker to rocker, wrapping up into the driveshaft tunnel. There is a removable "X" brace that bolts to this welded brace with three bolts per side, and the driveshaft and exhaust runs above this removable brace and in the tunnel. There are other vert specific braces that can get "lost" during resto; a couple of good, clear under body pics posted here would allow we vert guys to tell you if anything looks out of place.
The floor kickup over the rear axle under the rear seat brace panel is another common rust area on a vert, because there are 4 or 5 pieces of metal that join in this location.
A 1st gen vert should also have a "cocktail shaker" at each corner of the body; these are fluid filled and contain a spring with a counterweight. In the front, they are bolted to the rad support and through the inner fender at each end. The pass side will be hidden by the battery, and the driver side will be behind the RS vacuum tank. In the trunk, there should be one on each side, easily visible bolted to the sheetmetal around the trunk opening and to the trunk floor, just ahead of the taillights. If any of these shakers are missing, they can be pretty expensive to buy and ship.
IF the car is solid and drives well, and the top is in good shape, I wouldn't think $22K would be a bad price. But your best bet would be to read the info at the links I posted and on the CRG main page, and then post back here with as many pics as you can and as much info as you can get (drivetrain numbers, engine/trans/rear info from owner, etc) and we can have a better idea what it is you're getting yourself into here.