That seals the deal, then. First find a different plumber -- that one either doesn't know s--t, or figures that you (and your friends here!) don't know s--t.
Tony, sounds like you need [to] Change [to a plumber] You Can Believe In.
There's no way that 1970s plumbing, let alone early 1960s plumbing, should be failing in that way, regardless of which (pipe) wall thickness was used.
They say that Type M is OK for above-ground application but not always code in US, but 70s is not old.
Somebody in the past has left the house unheated for a week or more, and the pipes froze, causing them to develop cracks (as shown in your photos).
Divorce house. Mom stomps off with kids to Grandma in Altoona and hubby consoles himself with new squeeze in St Barts while oil tank runs dry and new high pressure system sends local temps into the Fahrenheit teens.
Find a modern plumber with PEX experience and prices, and enjoy some healthy water afterwards.
I think folks are nervous about plastics because of the earlier-generation products (polybutylene, I think?). Watching some home-repair show recently, it looks like there is a major industry in parts of the U.S. just replacing that stuff from the 70s. So, PEX sure looks swell, but no decades-long track record like copper.
I'd get three quotes. I'd do PEX. By the time it fails, we'll all likely be living on big communal rafts anyway.
Cheers, indeed.
Oh, and I am not litigious by nature (have managed to get this far without every hiring a lawyer or suing anyone), but if I had good evidence of the seller painting over discoloured leaky spots I would be siccing the legal dogs on them.
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