Welcome..
Sounds like you said it all already - if you've driven it 300 miles and not any indication of issues, cash up and own it.
If it were from an unknown source and less of a chance to test-drive it 300 miles.. I'd be looking at:
History of intake gaskets being done, at what mileage, and I'd be concerned about how far it had been driven with them leaking - was it overheated? Did it get coolant in the oil? You'll never know
Has the transmission ever been rebuilt? At 160K it could be due/overdue/or last another 50K easily, you never know with these
Rear differential for noise - you may or may not be able to hear it inside the vehicle, but on a Suburban you usually can. The 8.5" 10 bolt doesn't tend to hold up well under the full weight of a Suburban and start howling indicating a rebuild in the near future
Front suspension wear, particularly ball joints, which you can test for slop by supporting front of frame on jack stands, use a long lever (think: long rigid pipe, or long 4x4 wood, etc.) under the tire from the side, have a helper lift the tire with the lever while you observe the ball joints for movement
Passlock (factory antitheft system) which was new for 1998 - when it starts to go bad you'll get failure to start (technically, it will start for just a brief moment, then stall) and the only long-term solution is to have an aftermarket tuner remove this function from the PCM. All the other solutions are temporary band-aids.
Richard