Ok, I don't really like her and I would say keep looking if I were you.
So here's here report card.
Conformation-D. She has a LOOOOONG back. If you ever want to do western pleasure, this is not your horse. And I wouldn't want her for contesting, either. Her long back will interfere with her turns, and it will make it harder to collect her up for WP. although it's not impossible.
Pedigree-D. Your not looking for a racehorse, so why buy something bred to be a racehorse? Her price shouldn't be bloodline based because she is not doing what she was bred to do. I stay away from speed bloodlines when looking for a first horse for someone. You need something that's nice and slow, physically AND MENTALLY. She may be very well trained and sweet, but I would be leary.
Training-C+Once again, I stay away from horses who have done speed events. She may have been well trained for it and kept inder control, but I would be leary.
So really, it depend on what you want. Talk to your kids, do you want to do WP? Or english? Or eventually get into contesting? The best thing to do before you buy a horse is take riding lessons. Let the kids figure out what they like to do, and then maybe THINK about buying a horse. And I suggest having a trainer go with you when you look at a horse. You may have been experienced in the 70s, but trust me, the horse world has changed. So it really doesn't sound to me like you need to but quite yet, maybe try leasing. And can you tell me how much they are asking for that mare? I don't want to put a price on her without seeing her, but I would be able to tell you if the price is outrageous or not. Thanks, don't take it personally if I was harsh. Just my opinion, some of the stuff i said may be false since I don't know you or the horse.