There's a lot of lenses on ebay and I'm not sure why some are 800 dollars and why some are considerably cheaper.
Much of the price is subject to supply vs demand when it comes to these older lenses. They are no longer made so its not like the availability for certain lenses are expanding. For example, both the Takumar 50mm f/1.4 and 85 f/1.8 have earned a good reputation. Since the 50mm was a standard lens sold with camera bodies the market is plentiful compared to the relatively less available 85mm. Hence why the 85mm is going to be several times the cost.
When it comes to micro 4/3, remember the 2x crop factor and use it to your advantage. A 50mm f/1.4 is a fast 100mm equiv FOV. I shoot rangefinders which are limited in terms of telephoto (base length too short) and macro (not practical). Its no surprise that I use my micro 4/3 camera often to fill in that gap.
One example is this one taken with a Tele-Takumar 300mm f/4
A 600mm f/4 lens would be impossible to carry in a small shoulder bag.
Most of us shooting with vintage manual lenses aren't doing it to get the sharpest most technically perfect image with the low cost of old used lenses. This goal isn't a reasonable expectation given, manual focus, older optical designs, and older coatings (if even coated at all). We just find it fun and enjoyable part of the hobby to shoot with older vintage lenses. Not to say that some can do very well compared to even today's optics
Takumar 100mm Macro
I even have a Takumar 500mm f/5.6... how much for a 1000mm f/5.6 in current optics? Its unwieldy and I am badly need of a gimbel head for it so it sees very little use. Fun to take out once in a while though... This was a test image I took one night with the E-PL1.
I also like the pre-SMC Takumar 35mm f/2 as well... Fast lens... nice vintage warm look. I've also taken a liking to the SMC 135mm f/3.5 for portraits... Of course, most of my collection are Takumar lenses and there is a whole lot more out there. It'll be fun just to discover.