From the P and shape of the ferrule it certainly looks like it is (thought there were hallmarks from the thumbnail, which would have made it easy, but after zooming in it's just K&P). A good buy I must say, I might've bought it for that price as well (would've asked about the place of manufacture though, to be able to make a better assessment of when it's from). I was about to win a really delightful straight pre-republic army mount Peterson for a nice price once, but some silly billy made a last-second bid (literally). Not the first time, either. Cheers to all you auction snipers.
$40 is the cleaner-upper price for any system pipe, that particular pipe was made around the 30's, you got mabey a 70 year old one there. I also got one from the 1930's for the same price, good deal man. I consider them much more valuable than the ones made now, the briar is just higher quality it seems.