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Nice find! Few look that good! While you have the flywheel off, change the condensers. They go bad over time whether used or not. You may want to polish up the points with #400 sandpaper or stiff carboard. They have a high silver content and that can tarnish, which is like a coating of insulation on them. You can polish them up without removing them. Gap should be .020″ when max open.
Use at least 24 to 1 gas/oil mix. Some people use 16 to 1. I use 20 to 1 because it’s easy to dump a quart of oil into a 5 gallon can of gas and top off the motor’s tank from that. I use that 20 to 1 mix in 16 to 1 and 24 to 1 motors.
Dave