You'll never really know till you rip it apart,- If it has ball type main bearings on the crank, it would be better, If it has needles, then you will probably need some sort of thrust bearing to take the pull of the prop.

2Cu Ins. is about 32cc (off the top of my head) so it's probably similar to one I have stowed away somewhere. Because of the direction of rotation, you'll have to use the flywheel end to attach a prop hub.

What is the contraption at the top of the cylinder head? Oil tank? Fuel tank? - It is a chainsaw motor isn't it?

Anything can be converted within reason, depends on how much work you want to do!

I take it you're a Kiwi, I know New Zealand well, but where do you call Vegas?