Picking up an old Bracket car. Have some questions

I believe the same rule applies to belts as the bar... If they are there they have to be currently dated. If it were me I'd probably change the fluids, check the pressures of some valve springs, get the dated stuff current, and remove the bar. Then replace the tires and brakes to make sure they are current too. Then try racing it. See how it goes. It wasn't lightning fast, so the engine might be milder than you think, which means it might have made it past retirement in good shape.