Gosh it's a great looking old engine, Harry!
...and I agree, a bicycle frame and wheels are just not going to hold up to the weight and torque...
it should not be too hard to find an Amal Monobloc there in Oz...
but it would be tricky to run it with and atmospheric intake???
nothing that could not be done!
As far as getting it started, IMO, the Prince of Darkness will be the biggest impediment, if that's where the juice originates.
Here's a pic of a bsa from 1915 that has some features that resemble your engine... which is what led me to think it might be older than the 50's.
There MUST be BSA org's that should have all the info you need on the model.
Gosh! How nice to find a great old piece of iron near where you live!
I gathered up a Tecumseh 2 smoke yesterday, but it's nothing like what you have brought home! lol
Can't wait to see how you progress on the new cycle!
Best
rc