grigg is TOTALLY correct about checking the fuel rack before starting. all 2 cycle dietroits START IN FULL FUEL and spring tension from the governor pushes the rack back to idle. look at the blower and you will find what we called a "dog" that should be connected to a cable. that's the emergency shutdown. make sure it closes when you pull the cable. i plate should cover the air inlet on the blower.
grigg gave good advise, but making sure the governor is working freely is just as important. pull the plate on the governor housing and spray the heck out of everything with something like p.b.laster or another good penetrating oil.
yaknow, ya oughta head down to a detroit diesal parts counter and buy a service manual. i think about 35 buck, but lots of pictures and plenty of good instruction.
alpine green??? ooooooooh yeah!
plenty of parts around. the military still uses plenty of 53 series engines. there's a surplus outlet about 175 miles from here that has all sorts of military generators with 53's in em.