The cue was made for Brunswick by Palmer in the early 1970's. There was a limited line that was made to be sold by Brunswick dealers. The cue is worth somewhere areound $500 - $600.
The case is a Brunswick deluxe or "expert" case from the early 1960's. It was one of their better ones, a step up from the "Aristocat", with padded sides and heavy leather and a better handle. I would probably ask $250 - $300 for it - this exact one is not seen very often. I have one too.
I don't have the exact catalog this case appeared in, but here is an example from their 1952 catalog showing the basic case and the upgraded case:
You're welcome - I'm adding this in case somebody looks it up in the future.
Palmer actually had 5 or 6 models of these Brunswick series cues. Your friend's cue is one of their mid-line models based on the Titlist. The top end you might have seen - "Lord Brunswick" - many of the cues are actually marked -original by palmer- on another line under the Brunswick name label.
I have a couple of different ones myself. There were not a lot made, maybe 100 of each. The didn't sell very well because by the time Brunswick marked the price up, they were pretty expensive.