That's a 12 cubic inch lift engine, probably 6 - 8 hp.
I think they are 5 hp. IIRC, they had a 30 HP thrust, making them useable in the F35 of the day.
The 5HP lift will be challenging - thats the reason why it struggles in the long grass, there's no lift margin at all. This was a compromise to get the craft into the F35 formula, a cruiser of similar size would normally have a 10-12hp lift engine to provide margin - racing is on very short clipped grass only. Happily, it wont be too big a task to change it, although you should watch weight distribution, might need to move something backwards to counteract additional weight of a larger engine. But - it was clearly useable before, so I would put it to use and then think about any changes.
Regarding the handles - you'll need to be sure (best to test it) if anything breaks whilst on the crane it'll fall 20 feet and then get swept away! They'll probably need beefing up underneath as they arn't normally designed as lifting points. A big alumium plate underneath will probably do it. It needs to lift with the bow 1-2 ft higher than the stern.
Drop me an IM when you are ready to come over.
Ian