Whether it is a I or a II, it is a good first 4 x 5 camera. You can use up to a 300 mm lens with no problem. Yes modern film holders work well. It is light enough to carry in the field comfortably and is a very durable camera.
The only problem I had with the two I owned years ago was the tendency for the focusing knob to slip on the rail, especially in that area where it had been used the most. This is from normal wear of metal on metal. Cleaning the rail with isopropyl alcohol should help if that problem arises. Do not use rubbing alcohol as it contains some oil.
Enjoy your new camera.