Glen,
Welcome back to boating! I’m getting back into it again as well, but I was involved in past and have a few suggestions for you. That model you have there is in very good shape for its age. It looks to need a little sprucing up. As for the radio system, I think the cost of repairing or refurbishing the gear will cost you more than today’s new R/C equipment. In short, buy a new 2 channel radio set. They are cheaper than you could imagine, but I understand your desire to ressurect your Aussie system, I hate throwing out old but working techonology. Perhaps you could sell it on ebay, SOMEBODY wants that system I’ll bet.
Another concern is that you appear to have an aircraft radio system that you intend to use for your boat. Things might be different in the UK, but using an aircraft radio for surface models is a no-no in the US. Here, 72 MHZ is for aircraft, and 27-75MHZ is for surface. The same may apply in your country, where 35 and 40 MHZ are the norm. Just check to see if that is the case and use the correct band, you don’t want to ruin a flyer’s day bringing down his model or a pilot causing your boat to go haywire.
Batteries: Ni-cad, Li-po, Ni-MH and gel cell can be used in our boats these days. You can even do away with the reciever battery all together if you use an electronic speed control with Battery Eliminator Cicuitry (BEC) that plugs right into your reciever and provides power from its connection to the battery. Transmitters use hi power alkydes or rechargables. You can take a page from the digi-cam folks and use what they use, inclucing the rechargable AA sets with their plug-in chargers.
Your drive line looks good and the motor looks to have quite a bit of life left in her. Diito for the speed control if you wish to employ a servo and receiver battery as supplied with the new radio set . So, I really would reccomend getting a new radio system. Since 1982, radio standards have tightened considerably (narrow band, for one) and that old system might have had to be certified yet again. Hope this this helps to get you mucking about in the water again.
Rev