If mine, I would begin with Champion J4C plugs, and make sure the plug wires have a solid core (stranded, or single copper). The prop will be OK that way while you get it up and running. The prop nut appears to be the correct one — takes a rubber nut cap when you get one.
Be careful with the shut-off valve as they are a little delicate. There is an integral filter that might turn to powder if you try to twist it — probably best to leave it alone. Look in the tank for debris, and smell it for old fuel. The motor will be happy with a 24:1 mix.
Are the nut threads for the fuel line buggered up, or the threads in the carb? I would need to check mine, but think you need that carb port for both the installed tank and a fuel pump and auxiliary tank.
Check it for spark with an adjustable open-air tester — look for 3/8” or more. If the coils under the flywheel have cracked cases, they will need to be replaced. I would get new points and condensers. Install one side at a time so you have an assembled side to check. Gap plugs at .030”, and points at .020”.
May need to disassemble and clean carb, but when all is finished they are great little motors.