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I am not sure what engine the machine has but if an Onan you are on borrowed time. It shuold self distruct at any time if all of those hours on that engine. If the Kohler engine it might still have some life but either way that is a lot of hours on either kind of engine.
You can take the welder serial number and call Miller to see what serial number was on the engine. If the numbers don't match you could assume the engine has been replaced. I did this on a 301G once that I could not read the welder serial number. I gave them the engine number had the welder number wth just a phone call. I called the Miller company not my local deale.
Does it look like it has been taken care of or the engine replaced. It may be just fine.