Hi all,
Well I'm back in a small capacity at the moment. (in other words, Maverick is re-engaging)
Thanks to both Bushy and Jack for your kind words of encouragement, I appreciate it.
Well Hi Trevmate !

It most certainly looks as though you have a fairly sound machine and have paid a rather low fat price, so there's a good start.
Looking at your reel it has plenty of life in it for years to come and not that long ago a new bed knife would've been fitted. I will say though that the bed knife looks to have some damage on the chain case side tip of the blade with it being bent upwards.
Like I've always said with purchases like this a general spruce up is in order and as such I would have the reel reground and also the bed knife which should be done at the same time.
If you are to remove the two major components and deliver them to an engineer it will work out much cheaper. Under no circumstance should you attempt to remove the bed knife from the cast iron soleplate. Your engineer is trained to do this without any fatal mishaps happening. Also new bearings (RLS5's) must be fitted. Don't rely on used bearing for the grinding process. You can pick this size bearing up for around $6 to $7. Don't get sucked in by some of the eBay sellers asking up to around $30.00.
Yes your machine has had both a new power plant and clutch half fitted sometime ago and yes that clutch half could be a source of problems as it's of the earlier ill fated cotter pin design opposed to the better right angled grub screw fastening method that is used on the current castings.
The first thing I would do is to see if the current clutch half is still running true, to do this simply disengage the clutch (push clutch lever downwards towards the chassis rail)then ensure spark plug lead is pulled off the plug. Once this is done operate the pull starter rather slowly and at the same time watch how it rotates the clutch body. If it runs dead true then things are OK, but if you get a bit of left to right and back to left movement then that body would be considered scrap and not worth pursuing with as all it's going to do is induce unwanted vibration into the chassis which will set up chassis failure down the road and much sooner than you realise.
See how you go with the clutch test and get back to me and we'll move on from there.
Cheers,
BB
PS. Your handlebars could've been fitted from new as pram bars were optional, mainly for doing larger lawns with a rather long straight cutting pattern involved.