Hi Gracious86,
I have to say that I loved paul_c's line, "The fact that it was given to you tells you it's worth"
I picked up in identical condition an electric 14 inch model 45 for a whole $80 simply for the catcher, and then the rest was pulled apart for the bits that cross over to my petrol unit and the rest that doesn't went to scrap. Sadly there is absolutely no interest in Electric 45's at all but as Mod CyberJack eludes to, they are probably one of the best machines made then and still are up to this day. They are a superb mower, but if your sole interest is making fast coin out of it then you are going to be very disappointed with the outcome. These mowers surface on Gumtree regularly Australia wide and are listed at around $250. They sit there for months, only to end up being sold for as dodegy suggests, $50 and basically for only the catcher.
As far as conversion is concerned, it's just not worth attempting to convert an electric to petrol when there are so many petrol powered units out there to be had, and 14 inch petrol powered units aren't expensive at all. There are a few differences between the electric and petrol powered chassis's.
I've said this bit before, but maybe in 100 years when we all aren't here anymore, then the model 45 overall might end up being as hard to obtain as an FJ Holden is now, but until then in the scrap all the electrics go one by one, only to be returned to us as Chinese Reo-rod and eventually Chinese Holden's when production starts soon in Shanghai.
A final word, if you can find someone that wants to actually use it and love it then just pass it on as it was to you and put it down to experience and consider it as your good deed to "Australia's Mowing Heritage" instead of what I did, something I still regret to this day.
Cheers,
BB