No there not worth restoring as even fixed up in fantastic condition you'd only get @ $200.The plus side is it has the Aussie made power-torque engine on it,and yes it will be an LM carby to late to have a G4.With your revs after checking all the other great advice above if you still have the same problem then I'd check the decompression valve.I've had them fail and cause that problem,but it most likely more what was said above.
but at the end of the day does anybody really care about them
No not really they were made in their thousands and in all different colours.In fact I have about 6 here at the moment and I'm going to sell.Once I've put blades and air filters in,but I only have one with the Aussie made engine.They are a bit older than the Chinese made engines.It's most likely made from 1995 to 1998.Where the carby in take is if you look on the block you will see a date stamp,it should be in a round circle.At least then you can put a date on it.