I have the same enlarger, except I have a color head. The cream colored ones are older. It' probably from the 1970s. It probably has the thicker hinged negative carrier rather than the newer one. I prefer the older one, as you can completely open it, and it doesn't use ridiculous plastic hinges. (My old 504 is now in storage. I currenly use a 504 floor-standing unit from about 1986.) My only worry would be the Cathomag head. Worry one would be how reliable it is. Worry two would be what kind of contrast you can get out of it. This wouldn't be a problem with graded paper, but it could be with VC paper. Older cold cathode heads give unusual results through multi-grade filters.
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Btw., Odyssey Sales still sells and supports these enlarger. You might want to send them and email or call them up for their advice.