I would like it as a coyote/3gun/fun steel target gun. Accuracy is the most important but would love it to have some war history. cosmetic wear is not a concern reliabiity is.
Look real close at the right bolt lug for a hairline crack.
Also check the receiver lugs, especially the left side, for damage that may have occured from a previous bolt failure.
Take the barreled action out of the stock and make sure someone hasn't gotten too heavy-handed and cracked the "gas cylinder" while working on it. Also look to see that the gas system castle nut is properly tightened and staked in place.
If you buy an M1 Carbine do yourself a favor and also buy a bolt tool and some spare bolt guts, especially extractors with springs and plungers.