It's basically the same engine as your old IT400
Hey Zen....don't get your hopes up too far. The old DT's were piston port engines (pre reed valve). You might want to check this one out closely. I think the reed valve engines didn't hit the line until 1976? The IT series engines were quite different, but the IT 400 was 1979/1980 at its earliest?
The origional 360 enduro is NOT as quick as you might think. Somewhat ponderous, restrictive exhaust, very mildly ported. Never had any two stroke "snap" that your thinking about. There were lots of frame kits for the early DT-1's to try to make them handle better. The 73/74/75 were 2nd gen DT's, IIRC, but still not stellar in handling.
I did help a buddy strip down a 76 DT 250. We managed to remove about 40+ lbs by removing steel fenders, exhaust, almost all the street gear, etc. but even with an aftermarket pipe, it was NOTHING like a 1979 IT 250, which seemed almost like a race bike in comparison.
Make sure you take the old Yamaha for a ride before you buy it. Like I said, I have fond memories of these old bikes, but in reality, they were not that great. Technology moved on very quickly through the 70's and into the early 80's, with new models quickly eclipsing the performance of previous models, even modified ones.
The price is great however, and if it starts and runs well, you might just love it. $700 isn't much for any bike that runs.
Heck, I bought my son a 1980 KDX 175 (the first of the line) about 5 years ago for $1200. Again, not the best bike, but it only had about 1000 miles on it, max. It needed wheel bearings, brakes shoes, air cleaner (rotted away), lots of the rubber parts are disappearing as it get used. But the engine was healthy, it had NEW tires (likely the old ones rotted), started and ran pretty well. We continue to have a lot of carb problems, and I can't get a tank petcock, but it still runs.