As much as I like a challenge and reviving old machinery, this thing almost looks too far gone to restore. The deck is ready to fall apart it seems.
Now it might be good for a resurrection, just to see if the engine will fire again and run under its own power! Or like you said, a piece of yard art or such.
As for the staggered wheel design being short lived (per reply 8), Lawn-Boy used this all the way into the 2000s. All of our mowers are like this (all LBs). The staggering was said to help reduce scalping the grass when mowing uneven ground.
If anyone has in interest in old mowers, I can post about the restoration of my parents old 1966 Lawn-Boy 7221 mower. I plan to do it this spring.