Yes! A hundred times yes
While strictly from a dollars & cents (or is it sense?) standpoint it may not be worth spending a lot of money on an old mower, it may not even need as much as you might think. First thing, Toro has thankfully maintained the LawnBoy maintenance manual in .PDF available for free download. My mom bought dear old dad a 7265 model for Father's Day, I still use it. It runs like a new mower, cuts great and is very lightweight and powerful.
Use the manual for disassembly and inspection. Take lots of pictures as you go. This will help jog your memory when putting everything back, it might be several weeks or months. I did my mower over the winter months, by spring it was ready and rarin' to go. The governor assemblies and other "fiddly bits" can be a little confusing if not. The parts aren't especially expensive. They use what are called needle bearings on the crankshaft and piston wrist pin and crankshaft. Also at the top and bottom are some rubber seals. These need replacing by now on general principles. To do a first class job, certain things should be replaced. It is not particularly difficult. Follow the LawnBoy manual, they really are put together well.
You can buy a tool called a "dingle hone", run by your electric drill. Pull the cylinder head and inspect it carefully. Often they just need a new crosshatch pattern to remove the carbon and "glaze", that's what the hone is for. Then a new set of rings on the old piston, throw in a new reed valve (inexpensive) and suddenly it's a "new" mower! I don't really _love_ cutting the grass, but these vintage mowers do such a great job it takes some of the drudgery out. The latest and greatest models are too heavy and "ain't got no soul", imo. They also plow through heavy, thick turf. Yes, we're not supposed to let the grass get too long, but it does happen. It doesn't slow down a lick.
Partstree.com has the exploded diagrams for these models. Armed with the right part #s you can search the interwebs and auction sites.