I don't see any issues with it. I use one that's pretty old, given to me by my good friend's stepdad when I was about 17 or so. He's a big time winemaker, but never brewed beer anymore, so he gave it to me.
I think the important thing is that it works. I'd maybe try and polish up the bell to keep from scratching the caps, and of course you *might* be interested in sandblasting it and repainting it if you aren't worried about ruining it's patina.
I'm sure I'm not the only one here who would be interested in see pics of it, if you can.