It looks to be in decent shape. I have always wanted to find a good Lawn Boy that is as old as I am. You say that you "dragged" it home. Was it a chance find or something that had been advertised? Let us know how much work it needs to get it running good again. As always, before and after pictures are always appreciated.
Right now our grass is frozen in time where I live. I'd be proud to break out a mower like that in the coming spring!