Hi Ballsybob,
Firstly a warm welcome to the ODK Forum.
It's been rather quiet on the Model 45 front with winter being the attributing factor there.
What you have there is someone else's handy work that's been there before you. That being said it certainly sounds like this will keep the costs down for you in the long run, nevertheless the work load isn't any shorter though as it will be a total strip down and refurbishment, but hopefully this time done properly.
Chain and sprocket wise this one certainly looks good, but the proof will be revealed on the tear down.
Please keep us up to date with plenty of images and don't hesitate to write if you have any issues.
Cheers,
BB.