Most of my experience with 1/2a has been Cox engines and I tend to like the reedys.  I have had a couple of old OK Cubs laying a round for a while.  One was my dad's and one was his brothers.   If dad recalls correctly the engines were purchased around 1952.  I don't think the one pictured below has been run since around 1970 and the other one longer than that.  I haven't had much time for CL for a few months now, but I did get to spend a little hobby time today.  With my golden hawk broken and two other projects not completed, I decided to fiddle with one of the old cubs today.  It had been frozen up -- probably fuel or castor stuck.  I had gotten it loosened up a while back.  Today I used a syringe to push some denatured alcohol through the spraybar to be sure it wasn't clogged.  I then hooked up the battery and flipped the prop.  I had taken off the prop which may dad had whittled from a piece of what looked like pine and replaced it with a new prop.  When I flipped the prop the engine hit a lick or two on the remaining denatured alcohol so I dripped some fuel into the venturi and flipped the prop again.  It started  and ran the drops of fuel out so I improvised a fuel tank from a small bottle and moved outside.  Once I got the mixture about right the thing started and ran.  The pictures below may be a bit fuzzy.  The last picture is the fuel tank that was attached to the engine when I got it.

Wayne,
What you have there is the original Cub .049 introduced in 1949 just after K&B brought out their Infant. This engine had a longer stroke than the later Cub .049s like the .049A, B and X. Because they are longer stroked, they produce the best power on larger diameter props. I use a 6x2 or a 6x3. They can be recognized by their intake port. The Cubs like yours had the intake port in a solid block connecting the crank bearing part of the crankcase to the cylinder part. This feature was also on the .074s. The later .049s had an independent tubular intake port.
I have many Cubs of all sizes and routinely fly them of both C/L and FF planes. They are not super powerful but have sufficient power for many applications and are fun to operate.
Find a plane for yours and have some fun!

Orv.

Senior's moment 
In my post, I referred to the air intake venturi as the intake port. Ports are generally referred to as the openings that transport gasses into and out of the cylinder.

Orv.

Hello Orv and Wayne,
                             A HA! So that's what it is!

   I recently purchased a pair of Cubs. One of them
is a bit different,(as described by Orv) and I
assumed it was a later model tarted up by the
Herkimer marketing department. 1949 sounds
much more interesting.
   I've always been interested in history and old
machinery. Imagine if you had a 1949 Ford or
BSA that had been in your family for sixty years.
What a treasured possession that would be.
Wayne's Cub is all that much more special because
it was his dad's.

   Think of it, 1949,
Truman was president,
'57 Chevy's were eight years in the future,
Almost nobody knew who JFK was,
You could buy a old 32 Ford roadster for $50 bucks.
The British were still flying Spitfires.
A Herkimer Cub .049 was the best small engine
commonly available, (A Cox what?)
AND I OWN ONE!

Very very cool.

Those tanks didn't provide much flight time for CL. I think most used them for FF.

Here are a couple of OK Cubs...BTW, notice that the original Cubs do not have the displacement stamped on them but they are .049. I traded for the left one (~1952). It was in a Scientific "little Bipe". Cost me my Daisy "Defender" BB gun.    Right one is from THE auction site.

The second pic is a couple of .074's.

Oh heck! Lets throw in some Cub .09's too.  

George