I've already done that, and it's looking good. I'm busy with firewood and landscaping right now, so won't get to the generator until spring. I have decided there is just enough room in my water system distribution shack, where the feeds for the well pump and the cistern pump split. I'll feed the exhaust through the wall, install an interlock, battery, and maintainer, and use it as a dedicated water system generator. It should be far enough from the house that the generator noise will not be audible, and the electric start will make it convenient enough. I have a collection of brass fuel valves and fittings, so think I will rig up an "exercise" fuel tank with about 8-12 oz. of gasoline that will let me avoid stored gas in the main tank. If it runs 20 minutes or so before running dry, that should be enough. I love that it uses a screen and sediment bowl instead of a fuel filter.
I'm also thinking about what motor oil to use in such an old engine. The cam lobe solid lifters require zinc in the oil to minimize wear. Not that the engine will likely get enough hours to make it an issue, but I've checked oil analysis, and it looks like Rotella-T is the best oil for engines built with the old mechanical lifters. It pleases me to think of using a 60 year old generator. It's the tech I grew up with, so nostalgia plays a big part. If I can find replacement brushes, it will be good for the next couple of generations. Pun intended.