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The Les Paul Model is the "official" name of what we refer to as the Les Paul Standard. It was the initial signature guitar for Les Paul, so they called it the Les Paul Model, and then the later models - Junior, Custom etc - got those names to distinguish themselves from the plain old Les Paul, which was never officially called the "Standard" by Gibson in its initial production run from 1952 to 1960.
It depends what you're looking for from a guitar. Like any guitar, there will be good or bad examples - you can easily fall down the rabbit hole of questioning how many good or bad ones there are, you'll find a lot of Gibson/Epiphone bashing on here and other forums... I find Les Pauls take a little getting used to and they aren't necessarily my kind of guitar, but find a good one and they're really, really good. I don't have that much experience with Epiphones, sorry.
They now do lower-priced Korean and Chinese models too, which are usually pretty solid, sometimes excellent. They have a low profile over here because of the possibility of legal action from Gibson/Epiphone, but you can still find them relatively easily on the used market and they're worth seeking out.
This is the one I'm looking at, I don't know anything about these guitars but it looks bog standard to me, not cheap though.
Used you can pick up one thats only a year or two old for £200. I've heard tell of people getting used Gibson LP Fadeds for under £400 used, and they are epically good guitars.
As for an LP Faded for £400 - if those are the Faded Standards up to about 2010, dream the fuck on. Those are shooting up in value - often up to 2k, as they are reckoned to be some of the best modern LPs available.
A Studio for £400 is achievable, of course.
http://www.richtonemusic.co.uk/products/epiphone_ltd_ed_les_paul_traditional_pro-ii_vss.asp?gclid=Cj0KEQjwyN7JBRCZn7LKgb3ki8kBEiQAaLEsqp0vCWgst0oja6IYFfwqzN0v12UdqTpIdzjlf9Wxv90aAg6s8P8HAQ
It seems you can't get the desert finish on mine anymore, but this is the guitar. All I've changed on mine is the knobs.
https://s7.postimg.org/fvpv5md17/FB_IMG_1496256013403.jpg
https://s9.postimg.org/aewnxpt27/20170428_185851.jpg
To me, that one you've put up is definitely off. As I understand it Gibson use 2 screws on the truss rod cover, Epi use 3 plus the head stock and logo don't seem right. I'd steer clear, plenty of good ones out there without taking risks.
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I'm not sure the language was necessary, but I admire your passion
I just about remember when these were cheap:
http://img14.deviantart.net/8831/i/2012/291/5/6/gibson_les_paul_standard_faded_by_roman89-d5i71et.jpg
I want one a lot.
It was £299 list price but I got a bit off it as I bought the Epi case too. They're around £350 new now I think, so £250 used for one like mine it seems.
Trying to post a pic so you can maybe see the headstock to compare. This is the best I've got I'm afraid. I've changed the plastics and knobs, so ignore those).
https://imgur.com/a/26Tf0