"
... but we realize the form still must be filed....but maybe total accuracy is not a big deal..???"
First of all, I would strongly recommend that you have this form prepared by a professional whose business involves preparing these types of forms; they are convoluted, confounding, and fraught with pitfalls for the unwary.
Second, the beneficiary is a skip person (this appears to be a direct skip based on the information in the original question) so ignoring that section is really not an option. Regardless, the lifetime GST exemption and the lifetime gift tax exemption (exclusion amount) are the same.......$5,490,000.
Finally, you apparently have the fair market value on the date of the gift which, for the purposes of this particular return, is typically more important than the basis. However, if you are unable to obtain the basis through some sort of appraisal (at the time of the transfer in 1964 - which would be a carryover basis since the property was not inherited), then you can use a zero basis for the purposes of the return.
