Hi Benny
I know if I were to receive this (& I have bought many just like this) I would be tempted to give it a full nuclear resto, I would disassemble everything & bead blast the firebox & chimney support (solder in 6/32 square nuts to the underside of the boiler strap holes) & give them a nice coat of VHT burnt copper paint, the rust has to be neutralized. if the boiler straps are to bad, I replace them, if the boiler will clean up with "Maas" polish, then you are ahead that much. if your happy with the genny the way it is , that's fine, although I would probably replace the 3" axle & put in a 4" axle, drill out the stanchions & put ball bearings in it & make 2 sets of tiered pulleys for either side. just my 2 cents Benny....good luck with your little project & looking forward to the results.