Aside from the splice job on the power cord, that looks like a pretty well preserved specimen. Check to make sure that the fan runs smoothly, without any squeaks or clattering. The amperage core should move throughout its travel without binding (if it's a little stiff it probably needs cleaning and a spot of lube). The plug ins for the leads should fit snugly and not fall out just by moving the cables. And of course if you do get it autopsy that splice.
Check out the leads for big cracks in the insulating jackets and overall condition of the ground clamp and stinger.
I believe that Millers have a pretty high open circuit voltage so striking and maintaining an arc is a lot easier than say a Lincoln tombstone which has a 24v ocv. Should make a pretty nice welder for you, it's at the top of the price range for stick machines as the market is flooded with them now.