I have one about that old. I think the older ones may be better than some of the new ones. Mine weighs about 450 pounds and has really massive cast parts. Mass = stability. I have set mine up to run belts. It probably isn't as precise as running a stone but it's close enough for making folders.
I have found a lot of uses for my machine and would have a hard time getting along without it.
I use it for close tolerance grinding for folders, cleaning up Damascus billets (you can take off a couple of thousanths at a time), getting precise flatness of handle scales, grinding 45 degree bevels for dovetailed bolsters, making sure that handle tangs are dead flat, etc.
With all of the tools I have I have found that I find more and more uses for them as I go along.
If it comes with a magnetic chuck you will be way ahead. Check the main spindle (that the stone turns on) for any play. If it was a commercial machine it may run on 220v and you may have to change that depending upon whats available to you.