Thanks guys.
Took a drive and went and had a look. Was impressed with how well it went and how solid the build was. Snapped it up for $250.
Couple of issues that are not big deals, the replacement engine (for the original Villiers) is fixed so you can't engage and disengage the belt (or change the pulley to hi/lo) so you need to start it with the rotor in gear, it shifts fine while running between drive gears though. I might look at getting a idler pulley made, but I think I can safely work around it.
The other thing, that I'll deal with sooner rather than later (with the help of the next door neighbor), is where the height adjuster connects to the rear rotor shroud it's cracked so it'll need welding soon.
Apart from that, I whacked some lubricating oil on all the joints, points and pivots and gave it another run once home. I'll give the engine a service (cheap Chinese Briggs knockoff) and I think i'll look into how the gearboxes work and what maintenance they need, I think there are two but no idea how to drain/fill and check them or what oil to use.
Weighing up this buy vs a 2 stroke ebay special vs hiring a larger model for $135/day I think it was a good purchase.
Cheers