Thanks guys. Again I appreciate the pointers. I put the mower back together today and took if for a run in the long grass and it performed pretty well for an older unit. Starts first pull and only blows a little smoke on startup. I ended up sharpening the blade on my bench grinder as best as I could being very careful to ensure it didnt get hot. I took the softly softly approach.
The mower performed well but I didnt take the catcher with me. It took down some relatively high grass. Tomorrow I'll take the catcher with me to ensure it gives a nice clean cut before throwing some fresh oil into it.
The only down side I can say it the frame on this mower is a little rattly. I have tightened all the frame bolts and clips. It should be all good however I'll let you know.