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To find the correct model number and serial number, take a flashlight and look at the lower front of the powerhead assembly, just below where the steering arm bolts on. There you will find stamped into the metal, something like S1G xxxx or D1G xxxx or S4G xxxx etc.
Your example looks better than the average one. It appears to be in real nice condition with possibly no serious rust or dents. G would indicate 1941.
If you have no spark, clean the points (gap at .020″). Tin tanks rust – look inside.
Repainting and new decals is a lot of work and the cost of materials may not be recouped.
It won’t necessarily pump water or cool when running in a barrel due to air bubbles getting into the metal impeller causing cavitation in the pump. These pumps are almost always good but the water lines must be connected and air tight. There is no tell-tale of visible water pumping, just feel the cylinder sides for temp, or spritz some water drops on the cylinder to see if it is hot..