OK, time for an update. Bear in mind, this is a 20 year old machine.
Got the deck off and cleaned it. Look for yourself. No rust at all to speak of. Spindle seems solid. Reground the blade. Replaced a bolt that was mis-sized. Took it for a test run on the long grass out front.
I gotta tell you, the 9 hp Kawasaki runs like perfection. I have no idea how many hours are on this machine, but 20 years at 100 per makes 2000 hours reasonably on the low side. Frankly, it runs beautifully. The deck seems to be of very thick metal and extremely tall making for terrific lift. You can really turn sharply and it mows up very, very close to things. As yes, it can pop a wheelie if you are not careful!!!
What can I say, it mowed as well as any machine I've seen. A 30" cut isn't very wide but for 1/2 acre lawns or less, it would be fine. Perhaps the "re-gift" idea to a worthy needy person might be exactly right. We shall see.