Thanks to CyberJack, bonnar_bloke and prd for your comments and assistance thus far. It has been really helpful.
I've decided to go with the Honda powerplant for the reasons provided by you guys.
An update on the restoration. The reel has been sent off for repairing the bent blades. It's ready to be picked up, which I will this week. I'll then be taking everything that is getting painted off to get sandblasted.
I'll probably order the motor this week. I know i'm probably over-keen on this front, but it will make a beautiful centre-piece at the dinner table for a few weeks before going to work.
I'll post some pics up shortly when I run into some inevitable barriers.
Cheers.