Finally got around to stripping this engine. I've decided to do no cosmetic work apart from a general clean, light buff up of the alloy parts, and then put it back together. Nothing will be painted, and it looks like the coil is toast. It was partially seized, which turns out to be the piston tight in the bore, so I will remove the cylinder and give the bore a light hone.
The gearbox came off real easy

apart from one bolt shearing, despite heating both first. So some very careful drilling next. The gearbox is lovely and smooth, so I will clean it out, soak it with parafinn and leave it as-is.
I'm still looking for a 3 bladed prop if anybody happens to have one? Cash, swap, anything considered!