If it runs, buy it! The engine is worth 150 easy by itself. It's either a Bike Bug, Free Spirit, or a TAS Spitz, all built by Tanaka. I had one, 23 mph top speed, smooth, relatively quiet. Easy starting too.
Dude My older brother claims to have a motor such as that in the garage that My Dad had from when we were the Pukes of Newport alias dukes of Hazzard. I will ask him to drag it out of storage and try not to scratch the woody on the way. I will donate it if you get a suitable chopper or swift looking frame. this is truly the old guy with a **** car type motor. I had such a neighbor who drove his on a 10 speed he was 78 and kept having heart attacks from the smog.
I imagine its all down hill from there He He
My Parents claimed all Venice and Santa Monica as turf in 1945