Don't worry, I don't intend to preach to you about what you should or shouldn't do, or pretend to know what your intentions are. Just saying, you've got the bones of a good mower there, and if I ran across one like it, I'd be all over fixing it up, and here's why.
I had an older Snapper High Vac that I reconditioned over time, thus keeping my costs to a minimum at any one time. I tuned it up first. New plug, air filter and fresh gas and oil go a long way in keeping the old Briggs running. The front wheels were first, the rear wheels later. They were after market wheels, not Snapper. I picked up a new blade along the way. It came with the rear bagger when I first got it, and I added the side discharge, mulch cover when I ran across them for a good price. I eventually found a good used engine to replace the original. The deck was as sound as the day it was made, so it was worth the time, effort and cost, or at least it was to me. It probably took me the better part of 3 years to do all of those things. I used the mower for 5 years and sold it on CL for more than the total of what I had invested in it.
If you have access to tools of your own, or can borrow them, you're way ahead of the game there. The tools to do most of what's needed are really pretty basic, and common.
Good luck with what ever you decide to do.