Buying a piece of action

[garcia1000]

Hi readers, I play in a regular home game which is pretty fun. An interesting situation came up, wanted to know your opinion.

We had an 8-player heads-up tournament. It was single elimination, best 2-out-of-3, and started with 100xBB with increasing blinds every 15 minutes. Buy-in was $500, so total prize pool of $4,000. First gets $2,500, second $1,000, third $500.

I didn't play because $500 is outside my bankroll. But... what happened was, after the first round was done, there were four players left (since half of them got knocked out). So these four players are vying for a prize pool of $4,000, which means the expected value of a seat, if everyone is of equal skill, is $1,000.

By now, it is 2AM and getting pretty late, and there are still two more rounds to go. One guy, Dhalsim, has to leave. He sells his seat to another guy, Blanka, for the price of $700.

Blanka is a good player, but he is slightly tilting from some bad beats he took in the cash game which was running concurrently with the tournament. His mild tilt makes him play more loose and aggressive, and his pre-flop raises are larger, in the realm of 7-8x BB.

He asks me if I want to take half of his action for $350. His next matchup is a good, skilful player. Of the other two contestants (at the other table), one is a LAG/maniac, while the other is a TAG.

Is taking half the action a good gamble, or spew?