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Russ,
We recently reconditioned a model 53 for a local PAS member. Pictures of the restoration of the engine can be found at http://www.portcitymachine.com in the classic section.
A simple visual inspection may not reveal some costly repairs. I can provide some in-depth details of common problems to look for when inspecting an engine. If interested, give me a call.
Skip Ohnmacht
(315) 343-6030 M-F 8am-5pm EST
(315) 343-3666 eves after 8pm and weekends