It depends on the frequency. If it is a narrow band AM in the 72mhz band, it will probably be OK. I wouldn't put it in a 1/4 scale, but for close in flying it should be OK. If you want more than a 4 channel setup though, I would go with the FM or PCM radios or if the pocket book will allow, a 2.4GHz setup.
The AM is old iron. Doesn't mean it won't work, but it won't have any of the neat stuff avaiable now. Like dual rates, amd expo, let alone any computer mixing. It is pure basics, maybe with reverse on the servos. I have a Futaba FG series TX and Rx in front of me that has the gold ama sticker, A mandatory valadation to fly at any club field. It even has a RF module for the TX so you can easly change frequencys, if you can find another.
IF, and it a big IF, the Tx and the RX are compatable, Gold stickered, and you can get it for $20 or so, it may make a good first radio. You will have to get new batteries, which will run you anothe $40 to $60 bucks or so.
My suggestion would be to pass it up and spend the money on a more current radio. Nothing like a radio failure on your first flight to sour the experience. For under $200 you can get a new 6 chan computer radio with receiver and four servos.
http://www3.towerhobbies.com/cgi-bin...=LXRXF5**&P=SM
It's hardly worth putting up with the headaches of the old iron.
Don