Mr. McCandles,
Please be advised that this is not a matter of questioning your friend's honesty, but rather a bit of history. I would NEVER think of insulting a man with a name such as yours!
Several years ago, the BPCR rumor mill had it that many early 1990's Pedersoli Sharps reproductions had "soft" blocks, actions, and firing pins. Peening of action parts and firing pin breakages were reported. Spotty quality control was blamed. Both the Sharps and Rolling Block designs were reportedly involved.
The several EMF Pedersoli sharps I've examined looked excellent, and the shooters reported excellent results.
I would have no problem buying a good-looking Pedersoli today after examining it in detail and quizzing your friend on it's shooting history (number of rounds fired), favorite loads, his accuracy results, etc.
Best of luck in your new rifle!