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I'm guessing the newer decal would have been put on due to the paint job.
Hi Dale
Yes, a repaint, re-power and new decals in the early 1980s is my best guess.

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From the photos, are you able to tell me what sort of TLC may be needed?
Well, yes and no...
The machine needs regrinding, with a new bottom blade and bearings.

The condition of the transmission is unknown.
Sprockets and chains can wear due to use or poor adjustment.

You can show us images of that - but it has been well covered on these forums.
This is a first model 45 17" - Model 450423.
This was a good buy!

Hope this helps.
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Jack