Starting an old engine ....

Regarding the gas tank:

Even if it doesn't leak and you can get fuel to flow out of it, you will probably have trouble with it in the near future. All the deposits and varnish that built up inside it are going to be diluted by the gasoline used today.

Today's gas has up to 10% ethanol, and it acts as a very good cleaner. Too good in fact. All that crud will begin to dissolve and will constantly clog your fuel filter.

Many boat owners with older inboard tanks had this problem around here about 10 years ago. Boat ran fine until the switch to the 10% ethanol. Then there was constant clogging of the fuel filters. A big headache on a boat!

If you don't have any trouble with the filter clogging, you are lucky. If you do, then this is a very likely cause of the problem.

Best of luck
umm here in WI the regular unleaded, midgrade unleaded has 10% ethanol, but lucky for us the Premium unleaded has NO ethanol so I only use that in my duster, boat and small engines, the ethanol in todays gas will wreck havok on all older rubber fuel lines to eats right through them kept having that problem on my lawn mower, switched to premium no more problems, I know this is now off topic, but If the op can get premium with no ethanol that would be better than using regular fuel, and I am wondering about his valve seats?? if that thing still has original heads you need lead additive or risk burning the seats up. I am gonna guess it dosent have hardened valve seats.