If the engine has points/condenser, replace them - either with the correct parts, or (better) with a retro-fit electronic conversion module.
Did it sit with old fuel in it for 7 years? If so, pull the carb apart and clean it with carb cleaner. Replace any diaphragms in the carb or pump (depends on model, but I think yours has 1 pump diaphragm in the side of the inlet header casting).
Change the oil, air filter, and spark plug. That should be all that is necessary.
phil_saunders@bigfoot.com
Phil Saunders
October 2008