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Assuming the CRT and other major organs are good and assuming that you do a proper restoration on the chassis, it should be reliable. I wouldn't touch it without first making sure the CRT is good.
It's true that many of these store brand B&W sets from the '60's are lower end series string TV's that often only have two IF stages. Having only two IF stages probably won't be much of a problem when feeding the set with a converter box.
If you want a good large screen B&W from the '60's, try to find a Zenith or an RCA KCS136 chassis set. These were better quality TV's that used a power transformer, 3 IF stages, and the Zenith sets used a non-PC board steel handwired chassis.
Looking at the wear around the volume knob on this set tells me that it is likely a high hours set and there's no telling what all it will need. IMHO, I wouldn't pay $50 for it - maybe $20 if the CRT is good.
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