Welcome to the forum, Mark. The Original 35 is an excellent air rifle. If the guy was serious about bell target shooting the 35 may well have been de-rated intentionally. I have seen .177's as high as 11fpe but 9-10 is more typical of one in good health. My .177 35 is actually shooting at 7 and feels nice at that level. They handle brilliantly and are generally a very well mannered air rifle. Both of mine run leather and I would stick with that, rather than convert to any type of synthetic alternative. Try RWS Hobby and Meisterkugeln 7.0grain pellets to begin with.
If you like it, it will be worth attending to any cosmetics at a later date. The Birchwood Casey refinishing kit is a good product for the stock.
http://www.airgunbbs.com/showthread....t-Break-barrel