Snatch it up. It is worth every penny no matter the shape it is in. Don't let the 30 years bother you I have a 1947 Oliver 270D with the origianal 3 phase 5HP. According to the manager who runs the company that bought out the remnants of Oliver, it is equal to a modern 7.5HP motor. I run it on a phase convertor also so I speak from experience when I say do not be afraid of it. It will scream through anything you push through it.
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