Anybody know about these?

I found a 58 Wizard this weekend and got it cleaned up and tuned today, it runs great a bit loud because of a crack in the muffler. Anyway the engine is stamped POWER PRODUCTS and is 2 cycle I found out these were only sold at western auto stores. It also says to mix 1 gallon of gas with 1/2 pint of 30 weight, should I stick to this or use 2 cycle oil? As you can see it has a bit of paint loss, should I repaint? Let me know what you guys think.