What would be a reasonable price to pay for a 1940 first year Hamilton 992B in good condition.

Ron,

Assuming the watch is correct, that depends on how many numbers there are in the movement number and the condition. A first year with 4 numbers is a yawner, 3 or less is more interesting. It depends on the collector too, not everyone is as much of a number freak as me.

How about posting some pictures?

Good is a very vague term. Good compared to what?