G'day Tookmuk, and welcome.
Check out this from CyberJack. It should give you a good intro into your SB40.
https://www.outdoorking-forum.com.au/forum/ubbthreads.php/topics/84251/model-40-14-reel-lawnmower-c1961.html
As far as wasting your time, no, not really! But parts are hard to come by, especially for the Villiers motor. Yours is also missing the friction drive cover. From those who have gone the whole hog and saved one from scrap, they are apparently funky little retro mowers and do the job well.. I was looking at one on Gumtree recently but the price they wanted was daft. There is some commonality with the later SB45s, but not very much.
If you're handy with metal or know those who are (judging by the cars in the first photo!) it shouldn't be too difficult an undertaking. Just keep your eyes open for any others you can wreck if needed!
Last edited by Mystyler; 23/04/20 12:57 AM.