I pretty much reconditioned ours, new reg gates and bearings, new clevis fork, mac valves, etc., etc., replaced all the sq chopper cyls, stroke cyls on ours years ago and it handles wb/dc just fine. Yes, you are limited on airheads like this on the stroke speed/pressure and won't be able to set that optimally due to the the stuttering jsheridan mentioned but it's manageable. The biggest thing is a 2x stroke is slow, even with fine tuning the table up cyl and running full bore on the flood because these machines table all the way down/up to 2x stroke.
Parts for this era of machine are getting expensive, M&R appears to be phasing them out by deterrence on purchasing parts, but still a crazy deal even if you do have to overpay for some things. If I tally up all I put into this press plus what we paid it's still an amazing deal compared to what we have made with it.