Looking at that picture, I don't think you have an old 120SF, I think you have a 120 NC. There is some confusion, because the NC and SC still had the 120-SF logo on the side of the engine.
I live in North Raleigh, probably just a few miles from you. What club are you with? I fly at RDRC, and could meet up with you sometime to get this engine running.
You can hand start this engine, I do it all the time (in warm weather), but the safe thing to do is to use an electric starter. I have a technique I use to prime the engine that usually results in the engine cranking in one flip. And I still have all 10 fingers.
Bob R.