Thanks for you ideas's Blumbly & Kori, I will paint up an engine one day. Not this time though :-)
I have it all back together and running, the hi-comp muffler was rusted out where it meets the port, so I have fitted a standard one. Seems to run fine.
Took a few pulls to get it started, but it is running well.

I love the fuel cap with the stepped prism, so you can see the fuel level without removing the cap.

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Happy is he who penetrates the mystery of things.