Dang, that thing is NASTY!! I'm betting it was in a flood to get that much water in everything. Crankcase is probably full of water too!! Perfect example of "Rode hard and put away wet!!" I'm working on an old Honda Harmony II. Tranny is shot so I removed the cable, belt and control handle and made it a pusher. It was a freebie so if I get $50 for it, I'll be happy.
I got a tb110 few weeks ago runs good wondering why throwen away. All looked good till I looked under it. Fairly new blade down side up. Has a few hits on it. Turned it over
Those Honda clone gas tanks are cheap, if the unit winds up working. I did a little generator, new tank was @$25? Beats trying to derust, and knowing the rust WILL come back.