I owned an 98 fe 600 and an 02 470, just about anybody on this site will tell you that most pre 03 owners either should or have upgraded the rockers, cam bearings, cam gear, and many other parts to the model year 03 parts. so you are in luck there. The 03's are more reliable than the 02's and older but the e-start is still pretty much hit and miss, on some bikes it works flawlessly and on some it does not.
Many will tell you (including me) that if you are not a carb guy the delorto carb is a ***** to get jetted correctly. but for your dime the best mod you can make for the carb is to send it (the carb) of to dale lineweaver and have it massaged into a thing of beauty.
the SEM ignition is also a hit and miss affair, if it is new, TAKE CARE OF IT FROM DAY ONE! slather it with vaseline, dry it after every ride, vent the cover and it should remain trouble free for some time... we hope.
if the bike is a steal, I would seriously consider buying it.
read the
owners doc here I am sure that someone who owns an 03 will have a more definitive answer for you.