RE: Does anyone know what this might be?
If you attempt to run it. First make sure the articulated baffle is hooked up to the throttle arm a functioning with wth the throttle barrel.
Concerning fuel I would make sure the oil content was up to around 24% and preferably a large portion of that oil is caster. No more than perhaps 10% nitro is needed.
For the glow plug definately acquire a glow bar plug and K&B fortunately still makes them. These types of engine is specifically why the glow bar plugs were introduced and the idea is to sheild the glow coil a little bit as that fresh mixture is sprayed directly into the coil from that piston dam. This primarily during idle and it prevented quinching the fires during idle, at least hopefully.
John