You asked some specific questions, so I will address those:
- from picture, what age/value? as others said, one picture doesn't give much, but I concur early 70's (that "step" in the dial disappeared beginning in '74). Value is impossible from one pic, and, there are other considerations I explain below.
- paint flake from one hand: the hands look original and their condition appears normal, that won't impact value or operation, and you can choose to have them relumed
- band appears stretched? yes, it is, quite a bit from the pic and that does impact its value, and its function. The endlink looks a little misfit as well to me, but hard to see clearly in the pic provided.
- Going rate for overhaul? A vintage speedmaster overhaul from a qualified watchmaker is around $500 - $800 USD I would say, and could be more depending on parts replacements.
You said a "friend" is selling this... now, do you want to get this for the lowest possible price, or, do you want to strike a "fair" agreement? How much does the seller know about watches? If the seller doesn't know anything about watches, nor has any inclination to put time into assessing what the value may be, you could offer $800 and they may say "great I'll take it" and in that case you will probably have made a good deal for yourself. There's no way to give a "fair" offer without having a qualified person take a complete assessment of the watch, including opening the caseback and looking at the movement. If you are just inspecting the outside, then its just a best guess. My best guess.... $2500. That's becuase I don't find the watch attractive, the dial lume plots are discolored and gray, bracelet is shagged, and its for sure going to need a service before turning into a daily wearable. (there, I just gave you some negotiating points 😀. Good luck.