MarnelKelis,
First off, Welcome to the Shopsmith Forum. Unless it is a basket case it sounds like a good deal. I consider a number of factors including condition and completeness. Being in good condition and having all the original accessories adds value. Additional accessories are nice to have too and adds more functions to the Mark V.
Something I believe every Shopsmith Owner should have is an Owner's Manual. If it did not come with one then down load the PDF from the link below which is a summary manual from here on the Shopsmith website.
_
https://www.shopsmith.com/getting_started/500_Summary_Manual.pdf
_
One of the first things I recommend you do is maintenance. That can be found in the summary manual. That includes lubricating the necessary parts in the Headstock to insure smooth operation. Following that you should check the alignment. The summary manual will also familiarize you with the operation of the Shopsmith Mark V.
You asked about upgrades and it is true that any upgrade that has come out since your Mark V was made can be added. Unless it has been upgraded already your Mark V would have the original table system known as the Mark V model 500 beginning in 1985. It is the Table System that determines which model of Mark V you have.
As Ed suggested if you post some pictures of your Mark V and the items that came with it we can help you identify what you have compared to what originally came with it from the factory and make recommendations on items to get or replace.
To confirm your Mark V was made in 1982 it should have a serial number between SS111917 and SS139577.
