I've wanted one for awhile now, and found a pretty good deal on a late model universal.
I've read the stories about the quality issues, but after looking the carbine over I don't see anything that stands out as being messed up with it.
Besides a little surface issues (doesn't look like rust), she seems to be fine.

Now I know jack really about disassembly and reassembly, though I did find some youtube videos.
Any experts in the know have any tips, or things to watch out for?

I've got a universal, I'd pass unless you can get a really good deal.The Universal has some parts that interchange with G.I. parts and some that do not, the operating slide for example which has two recoil springs where the G.I. operating slide has one and in a different location.  Universal has been out of business for quite a while and there is only one source for spare parts which is gun parts corporation, they bought the inventory of universal when they went under. I had to replace the operating slide on mine and now it only runs when it's wet with oil but I haven't really worked on it to get it to run better.

if you want a new one i'd say Auto Ordinance i've heard theirs are the best for a new manufacture, mine is a WWII Saginaw Gear it's a great little rifle and one of the most plentiful of WWII guns
my dad paid $20 for it in the late 60's

Go to the CMP website and read up on them there.  That's pretty much what I did.  They have(had) the best prices but they're out of them now and might not have any more for a while.  I've got one and have stripped it completely and reassembled it.  A few of the guys here have shot it.  I wish I would have bought two while CMP still had them.  Basically there are many different manufacturer models that were made during the war years.  The Inland is the cheapest as they were the most made.  I have a Saginaw SG.

Stripping them is easy except for the bolt assembly.  The bolt tool makes it much easier to reassemble.

I have one and I love it.  Its a fun gun to shoot but ammo is kinda pricey.

Watch out with the twin spring Universal M1s....out of battery fire has been known to occur with them. I have one, I never shoot it.