Hi Mark,
Glad to see you're looking into this route, it'll save your shoulder in the long run!

Len Landrum, James Gibson, Jim Prill, and myself are in the process of building 5 air hammers (and unfortunately have been for some time now due to trying to work around four different schedules, but, we're nearing the point where we'll be getting ready to assemble them). The head weight will be 85 pounds and the anvil is around 350 pounds if I remember correctly. This is all mounted to a 1 1/2" steel baseplate. I'm not looking forward to moving these things when we're done, but we are building them in a way that they can be disassembled for transport. We'll be selling one of them when we get them finished so we can all recoup some of our money on the ones we're building for ourself. That one you're looking into on the other forum, if it is any good at all, you should snatch it up at that price...you can't build one for that price unless all of the parts are scrounged! ...what I'm saying, is that seems like a very very good deal!
As to how well they function, well, I'd say better than a mechanical hammer from the ones I've seen. There is a certain romance in owning a Little Giant or one of the other brands of old power hammers, but the air hammers I've seen are more controllable then the mechanical power hammers. Having said that, though, I do want to own a LG and have the opportunity to rebuild one one day myself.
If you do get one and it has a four way limit for the head control, look into changing this out to two two-way limits. This will allow you to adjust the distance apart from the the two switches such that you can make the hammer repeatedly just tap the work piece to adjusting them such that you get the full power of the blow (albeit at the sacrifice of cycle speed). Also, keep in mind the one hidden cost, an air compressor if you don't already have one.
-Darren