It's certainnly real, and i'd probably snap it up if it was going for a good price.
You could restore it to it's original condition and have a nice new life partner!
However, some things to note:
On the headstock of the guitar, is the logo scratched/removed slightly, or are those picks in the way? I heavily doubt this but the guy may have just pieced together some JEM parts he came across - note though i heavily doubt this. Always good to check though.
Find out it's number for it for extra measure
I suspect it's just had a hard life on the road though, much like the EVO...
It wouldn't be worth restoring it because it would involve a lot of work and momey and it wouldn't increase the value much because it would still be a restored guitar.
You'd be better off (providing it's cheap) just changing the trem and locking-nut back to original Ibanez parts,getting a new white single-coil cover and keeping the rest like it is.
It would make a great player and it looks cool beat-up like it is anyway.
If you didn't already know these have the old large neck-heel not the newer AANJ type too.
An original Floyd is a fine trem, and doesn't need to be replaced back to an Edge. If you can get a good buy on this guitar go for it. Keep in mind these have Wizard profile necks and not Jem profile necks, so it won't feel like an FP of the same year if you get it. It looks like an original that someone put a Floyd in, so it should be pretty nice. Don't buy it to "restore" it, though! You'd likely do far better with an RG750/770 from the late 80's and use the money you save to get better pickups. The older RG would get you neck binding, as well.
change the trem to the org-edge..put a white middle p/p cover in and get a ibanez sticker off the bay.and that would look fine.you could sell a ofr gold trem for alittle bit (depending on it's condition)so it would start to pay for it's self ...yeah.if it's cheap go for it.
Wheres it at because if you dont want it I would like to see what its selliing for. Strictly because i want a jem and ive got the hardware already to match this one! *it would like AMAZING with powder coat hardware would it not*!!!!!