I've never heard of a 1st gen that didn't have the subframe painted from the factory.
If this car is legit 7,500 miles and in fact a survivor, it is beautiful. I've never seen a floor bottom so clean and the engine orange on the pan is like it was sprayed yesterday. Brake booster and jack are like new. Considering the prices I've seen for lesser cars that aren't original, I don't think the price is out of line. Do I think it's crazy money? Yes, but not out of line relative to other prices. Find another 67 Z that's so clean with 7500 miles. Not many...