Hi OCDirt,
Welcome from me to the ODK Forums.
You've certainly come to the right place for advice on Model 45s.
ODK has the foremost expert on Model 45s with Deejay, the site's Global Moderator.
I'm pretty sure he will respond to this post tomorrow.
In the meantime, my observation from the photos is that this looks like a sound machine.
Most importantly, this machine appears to have a newly sharpened reel and bottom blade.
The reel appears 'straight' (no bent blades).
It has a non-original fabricated grass catcher with good serviceable life.
The engine is a replacement one (I think).
If you intend buying a powered reel mower then the Model 45 is a safe choice.
It was/is Australia's best domestic reel mower and its design has passed the test of time.
I do not see any alarm bells in the photos you have given us.
More information will follow from the expert(s).
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JACK