That "neglect" doesn't look any too bad to me, unless I'm missing something. A bit of discoloration due to oil staining and grunge, which at least means it was oiled when it ran, and some rust up where the firebox chimney mounts. Other than that it looks pretty good to me.
Pictures make it look better, there's paint flaking from the firebox and drip tray under the stack, pressure gauge is losing it's paint, flywheel and other small parts have rust, base is dinged up on the corners, but as you say, it should still clean up nice. Firebox and drip tray will likely be re-painted some day, the rest just cleaned and polished... I do wonder what happened to the original ID tag, I'm assuming it was a custom one with a name on it, so the previous owner removed it before moving it on. I know of a couple others out there, so maybe I can get Vpro to make a new one...
So Nick, if that is all too discouraging for you .... I'll take it off your hands, get it out of your sight, and keep you from suffering so! ;c)
My shelves are suffering the most from the giant base-boards of this and my 55 Deluxe!