It would be OK for someone who wanted to use it in a jury-rigged condition with a roughly home-made catcher perhaps, but it is a bit expensive for that. Unless it can be connected with the missing parts, it can't become a classic mower again. Personally though, I think if it were put back together with the missing parts, it would then be an interesting and attractive mower. For home use, slipping belt clutches should be sufficiently durable to be acceptable, given that the belts are probably not difficult or expensive to replace.
Incidentally Wikipedia says the GX160 was introduced in 1991, so it can't be the original engine on that mower.