hey all, 
Thanks for the informative and prompt replies.
jared - it may run, but I can't get it to. As for the cable, well I intend to pull the whole thing apart and clean it up first, but I will tie it out of the way when it goes back together. Do you have a link? for where that vid you mentioned is?
grumpy - See following post for engine details. As mentioned, I can't get it to run, so I'm not sure if the clutches work properly....sorry.
Deejay - please check out the photos below of the condition of the chains and sprockets as requested. 
So, what to do first.....As much as I would like to 'fully' restore it, I don't have my heart set on keeping the current engine. I think I would prefer to replace the existing one with either: a new one, or one that would have been on it originally. If anything, perhaps I'm leaning towards a 'new' engine for reliability/parts etc., but am happy to be swayed either way. 
I'm thinking that I probably need to pull the whole thing apart and have each individual component cleaned up (sand-blasted?) and painted?
Thoughts? 
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2012/01/full-5640-4932-img_0896.jpg)
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2012/01/full-5640-4933-img_0897.jpg)
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2012/01/full-5640-4934-img_0898.jpg)