Need to submerse it and find where the leak is coming from or mix up some dish washing liquid/soap and water in spray bottle and spray down the BCD to see where soapy bubbles are forming.
A BCD that old and sitting for that long will probably have the rubber disks in the over-inflation/dump valves (OPV) take a set...meaning the edge they seat against has made an impression in the rubber material. If you activated the dumps valves when checking the BCD over you would have disturbed the seal and it may not have re-seated perfectly causing a very slow leak.
You can check for the above by taking apart the OPVs and checking the rubber disks that make the seal. If they have taken a set then you can look for replacements, fabricate replacements, or pull the disks out of their retainer, clean any glue residue off the underside, make the underside the sealing side before putting it all back together....a little silicone adhesive or rubber cement to adhere the disk back in place wouldn't hurt. Once re-assembled, rinse and repeat for all the OPVs and then do your inflation/submersion test again.
You are buying a piece of used gear. It could be a winner, or it might not be....its always a gamble. You can explore the problem and invest some time, energy, and perhaps some money into it and have a functional BCD that lives on and serves you well for many dives to come, or you can cut your losses and return it and invest in something that has warranty/shop support...but that comes at a premium. You are lucky you can return it if you want. I would recommend discussing the problem with the person you bought it from along with any troubleshooting you plan on doing if you go that route, that way as you pull things apart and put them back together, should you decide to return it the guy will be less inclined to refuse taking it back and may even thank you for taking the time to scope out the problem if he does take it back.
-Z