Just wondered if anyone could enlighten me on this guitar? A friend of mine is selling his and it is in excellent shape. I played it once or twice and thought it seemed pretty nice. I've kind of been eyeballing the Blacktop Strats because I'd like something with a humbucker on the cheap. I'm thinking maybe this would be a cheaper viable alternative. Any and all input greatly appreciated!

I don't know very much about Peavey Nitros, but 80s Peaveys in general have a very good reputation of being reliable and well playing guitars. I have a 1979 Peavey T-60. It's a great guitar, I really like it. But it's really heavy and one of the pickups is messed up (I got it for $100 at a pawn shop so I can't really complain about it). I also have a 1979 Peavey T-40 Bass which is my favorite bass despite the fact that I have to made an effort to pick it up because it's even heavier than the T-60. And I think most, if not all, 80s Peaveys are made in America too.

If you like the guitar and everything works on it then I'd say go for it.

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Hartley Peavey pioneered modern guitar manufacturing techniques. CNC cut necks and bodies. Reinforced necks, all that good stuff that everyone who builds more than 10 guitars a year does these days.
Even the budget stuff is great, theres a good reason why the likes of Steve Lukather and Albert Lee play their high end guitars.
It won't take the place of a strat, particularly when you hang around the Fender forums.

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No no and no

I have a T-25 modded with a Strat tremelo and a 1 gen Predator (before they became Strat copies). Both are early 80s models and are very good guitars. The Chinese/Indonesian built guitars are just mass produced cookie cutter guitars like all the other Asian guitars.

You are right. We wouldn't be the same without Hartley. Peavey also makes some of the best amps ever. I play through one, which is a 93 US made Prowler amp. You are wrong about Lukather and Albert Lee playing them, though. They play Ernie Ball Music Man. They both have their own models. But EVH and Steve Cropper played/play Peavey guitars. But EVH doesn't anymore.

go for it. i have a nitro and its an overall good guitar. just 1 humbucker and volume. it came with the Kahler 2520("strat" tremolo) which i replaced with a Kahler Killer (2700). its more Floyd like, but i think i might have to have a cavity routed due to the higher action in it. the Killer is designed to be a drop in replacement for the 2520 trems. the humbucker in mine is Schaller made and its a very good pickup in my opinion.

I'd say go for it. I've played a couple of Peavey guitars and they were pretty nice. The best amp I ever had was a mid 80's Peavey Renown 400. That thing was a beast, 400 watts in a 2x12 combo

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Thought Peavey owned Ernie Ball

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No no and no