It looks to be in excellent condition, and for such an old machine, remarkable condition. I am surprised to see that the wheel drive clutch thrust bearing mechanism is assymetrical - I would have expected it to be symmetrical. There may be wear on it, or a modification. Also, your final drive chain looks dry. Perhaps it has been treated with dry lubricant. Ordinarily chains require oil.
There must be a reason for the cutter clutch having worn out. Presumably it has been slipping. You will need to find out why.
