Hi scoffey86, and thanks for the pics...the machine looks in brilliant original condition for its age and obviously hasn't done a lot of work, except, maybe, for the cylinder reel.

My observations from the pics:
(1) The machine is a genuine Scott Bonnar Model 45; 17" cutting width, with original paint scheme, vertical chain-case screws, black plastic grass deflector knobs, plastic front roller end caps...3HP orange Briggs and Stratton....all pointing to a build year of approximately 1977 for the chassis. (Not that far apart from my own machine, which is almost identical, originally)
(2) The sprockets and chains are in form what appears immaculate condition for their age. They look a fraction tight in the pics, and maybe require some adjustment....easy-peasy to do; and can do with some good quality grease to keep them in great condition for the future.
(3) Looking from the front, the right-hand
rubber grass catcher support block is missing....you will need to replace this...as it is important that the catcher sit level on the machine to do its job properly.
(4) The cylinder reel (as Rossf has said, has plenty of meat left) is correct, but the damage that has been caused...(bottom to middle blade, first pic, Right-hand, fourth quadrant; will need to be straightened by the engineer that sharpens (spin-grinds) the reel, which it desperately needs, to do its job properly.
(5) From the condition of the cylinder reel, I will guess that the bottom (knife-blade) will need attention from the engineer as well...for instructions how to remove it; (as both the reel and the sole-plate (complete with the bottom blade) need to go to the engineer at the same time...Click....
HERE 
(6) For what happens there at the engineering workshop and some tips...Click...
HERE (7) From what you have said, the cutter clutch needs adjustment; (or may have worn out its cork lining) but I doubt that, I think it will just need adjustment...which I will guide you through at a later date.
(8) Grumpy, our excellent resident Briggs and Stratton guru, will guide and help you through the engine issues and hopefully will have it purring like a kitten.
(9) The front roller may also be worn and need attention....there are some good threads which you may care to read in the Scott Bonnar forum on this issue.
You have made a great purchase here, and with our guidance and some patience....this machine will give you hours of mowing pleasure and a fantastic lawn for you to be proud of.
