The 50mm f/1.8 lens cannot be easily adapted to a EOS body. You need a adapter with a lens element to do it, and this messes up the IQ.
There is a lens adapter made that doesn't use glass, you have to replacethe existing mounting plate. Its more expensive than a new lens of this type.
Also beware of old lenses like these. The lube either liquifies or it hardens, and a large percentage needs service. Make sure the apertures are clean and snappy.
FD lenses adapt very well to u4/3 and NEX line, $25 is not bad to get two lenses if you use either of those two systems. Of course this is assuming they're in good condition. Also, you can adapt to Canon, but be prepared to use them for macro more than regular shooting, since the adapter will add to the mirror to lens distance; kinda like an extension tube.
I've tried a few FD and AI Nikkors on my Oly E-P3 and IQ is excellent. User ergonomics are terrible: even small lenses are front heavy and manual focus with a LCD is painfully slow. If you shoot still life or landscapes you may not care but otherwise I found using these old lenses a PITA. Since I already own a bunch of these lenses from my film days I merely needed to buy adapters. I'd never buy old FD optics unless I planned to shoot with a F1N or T90 and pollute mother earth with my darkroom follies...
I have almost the same kit as mentioned in the ad, outside of an additional 28-70 lens.
I'm going to use it for a Canon loyalty swap sometime later, since I don't want to go back to film. It's a great camera, but only worth buying if you really want to use film.
As GC5 mentioned neither lens is killer, the sears zoom would make a great paperweight, the 50 f1.8 isn't bad, it's pretty sharp but they're pretty much give away nowadays...but if you need a 50 f1.8 get Canon's nifty fifty, it's under $200 new and you don't need an adapter
If you're planning on shooting film the AE-1 is an easy camera to use; a no brainer. But given it's 30+ yrs old, it's light seals might be going or gone, the shutter probably has the classic Canon squeak and the mirror seals might be bad also...finding batteries for the old bodies isn't a trip to Best Buy, they'll be speshul order. Having the body serviced is possible but that ranges between $125-175; not including parts...but lenses and accessories can be found quite cheap.
I'm still shooting with my old Canon gears; A-1, T90 and lenses but it's not often anymore. As others have said the old lenses work well on m4/3 systems, the NEX bodies, etc.
I've tried a few adapters and so far only the EdMika .5mm adapter works well, but it's only for 300mm lenses and above and it's $175 (mounts to the body then any FD mount lens mounts to the body....it's easy to use) I've used Canon lenses, primes and zooms below 300mm with it, but you loose infinity focus. A 200 f4 macro that is killer will focus 1:1 and out to about 65ft for non-macro shots.
Ed has some new custom adapters that are specific for the newer FD mount; like the 50 in the craig's list picture, these require you to disassemble the lens mount and then replace it with Ed's custom brass mount...again these adapters are about $175 each. If you have some of Canon's older L glass or some of their f2 primes they make really nice conversions. Marty, an FM member is producing custom brass adapters as well.
I'd save my money if you're not gonna explore film...get used or new EF 50 f1.8 and be happy
Jerry
While there is a market for some FD lenses the 50/1.8 is probably to in it . It's certainly not worth the conversion hassle even if it was possible .
If your looking for cheap ALT 50 that mounts quite easily on a canon EOS body then look at Pentax , Olympus and Nikon .
I did a lot of my graduate course with the AE1 and 1.8 50mm lens and processed my own B+W negs. I am not going to drag them out and do a comparison, but I suspect IQ is similar to my current 35mm film set up...the 1.4 50mm and Eos 1V.
If you want to try film...then for the money it seems a bargain. I still have two older Canon bodies with lenses that work perfectly....as did the AE-1 while I had it. And as it happens, the guy next door still uses one occasionally!!
Buy it. Flip the 50mm around, it makes a great macro when mounted backwards either alone or mounted on the front of another lens. Then use the camera as a trade-in to purchase a digital through Canon's loyalty program.