That is a one-piece deck mower, which is automatically pretty good compared with a two-railer. It still has the captive cotter pin clutch, so be very sure it is tight and the pin hasn't started to pull through the clutch, though. If it has, the clutch half will have to be replaced pretty quickly before it vibrates and damages the deck at the engine mounts. (It would take a while to actually break a one-piece deck, but we've seen it done.) I'll leave the assessment comments to Deejay, I don't have his knowledge of the machines. He'll want to see pictures of the chains and sprockets, though.
The Pulsa-Jet was the "premium" carburetor and the Vacu-Jet was the cheaper carburetor. The main thing the Vacu-Jet couldn't do, was provide a consistent air fuel ratio as the fuel level changed in a deep fuel tank. You have a shallow tank so the Vacu-Jet is very satisfactory. Furthermore you have a metal body carburetor, not a Minion (plastic) one. Hence you have the simplest and most reliable carburetor available at the time. One negative though: you have no Choke-A-Matic, and that engine was (IMO) a real pain with the manual, non-coupled choke. If I cold-start them on full choke, they always rich load and stall before I can get to the pull-out bit and push it back in. Then I just push it in and it will start first pull, but having to start the engine twice bugs me.
