I've been tinkering around with this project off and on for the past few months. I took the engine off, took it apart and cleaned it up. When I put it back together, I installed a new coil and plug wire, new points and points plunger, and a new condensor. It has a super hot spark now! I bought a rebuilt carb and installed it using my NOS intake elbow. I bought an original used tank and cleaned it inside and out, the sealed it with red seal. I also installed an NOS muffler. I've got get new decals, and touch up a couple of things, but it's up and running . . . and running great!
By the way, after asking a lot of quesitons, I finally found someone who could put a date on the engine. It was manufactured in March of 1956. No one (not even snapper) seems to know anything about serial numbers on the mowers, so I'll just assume that if the engine was built in early 56, the mower was probably built in mid to late 1956.