Tough one to answer...
That's a tough one to answer without seeing the rod. What condition it is in, the quality of the cane, the soundness of the ferrules, does it have a "set", etc. all have to be considered. During that time (40 to 50 years ago), there were lots of cheap Japanese (and other) oriental fly rods that weren't too good imported into the country. But you MAY have a piece of good Tonkin cane there.
So, it's a dilemma. A lot can be told from the quality of the guides, reel seat, wrappings, etc. See if you can find an "expert" locally, and consult with him. But if he says it's junk, and offers to take it off your hands cheap, RUN LIKE H_LL! You've got a good one.