If anyone has more info about this saw, I would love to know more. From what I understand, the blue labels were made from the early-late 1940s. This saw also has an oil level sight glass, which I haven't seen before. Was this common in the later models of this era? Let me know what everyone thinks!
I think you are right in the production date of the saw, it's likely late 40's based on the blue label but the 'newer' style top nameplate before they began transitioning it over to the orange / red & black version of the same time in the LATE 40's / early 50's.
Most of the blue labels I've seen have sight glasses on the gear case. The older Skil saws have leather bearing seals, so they gradually leaked with use and more so, if they got low on oil / were stored without oil on the seals, the seals would shrink and eventually crack and fail. Because of this, I believe that Skil utilized the sight glass as an attempt to make checking levels easier as most people wouldn't crack open the fill port too often to check the gearcase level.
The scanned images of the documentation you found with the saw are AMAZING and definitely going into my Skil digital archive!
The saw definitely saw it's fair share of moisture, either in the field over the years or stored in a barn or garage over the years. It's nice to hear that despite the moisture and corrosion, it's still running strong.
If it were me, I would wire wheel the case and throw a little primer and gloss "aluminum/silver" enamel/ 2k paint on it. At a minimum, I definitely recommend draining out the old oil, filling it up with new Skil 80111 drive lube, running it under load for a little while until it gets warm, drain it again and replace again to clean out any buildup / deposits in the gear case, given it's age.
I definitely do recommended replacing the cord with a modern SOOW whip like a Skil 95104L replacement cord or if you want a longer whip, grab some 12-3 SOOW cord.
Because it is a metal cased tool and is not double insulated, make sure the ground conductor has a good bond to the case via a 10-32 screw.
I have quite a bit of NOS parts for these saws, so if you are looking for parts, feel free to message me!
Just my two cents!