Rule number one when purchasing a bus, NEVER beleive the odometer. The dash boards are a common failure on buses, probably 90% of them have fail and been replaced without mileage correction. A 32 year old bus is likely to have close to 250-300K miles.
I would believe the 200K figure and have no qualms about that amount of mileage on a 20 year old bus. Figure a typical school bus puts 10k miles a year on them for 15-20 years before the "day care" or Church bus" you found with only 35k on it gets it. So with that said, keep in mind a bus that is 32-58 years old is going to have worn out heavy components. The one needing brakes is already a money pit. I would look for a bus between 95 and 04. You can find some for the same price you're looking at and have much fewer issues to deal with. What are the tires like on them if they are old , it's $2000+ for new ones.
You didn't mention price on either bus, but I would price them both between $1000- $2000. What are they asking?
A 327 Chevy in a bus is going to be woefully underpowered and get about 4mpg. You want a turbo diesl 6 cylinder. for reliability. I would be happy if the stated mileage on the 62 was real, it likely has double that and that would concern me, not the 200k, 200k would make that a low mileage bus, I doubt it is.
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