Is it a high pressure sodium system or a metal halide system? There is no such thing as "high pressure sodium metal halide." MH and HPS are two different lighting technologies.
The short answer is that it's probably not a good deal. First, if it's HPS, it's of no use to you for aquariums. You cannot put a metal halide lamp in a system with an HPS ballast (dual mode ballasts do exist but not in the 400w range), so if it's an HPS, there is no chance of conversion unless you replace the ballast, which would obviously negate any "deal."
If it's MH, in all likelihood, the lamp is either cheap or of the wrong type. Most of these "cheap halide" kits have 6500K lamps, which is really not going to look good. If you can verify that the lamp is something decent, then it might be a good deal. But if the lamp is going to need to be replaced, what you have is a ballast and reflector that can be purchased for about $80 total.