I am always concerned with old engine driven fans and used grinding stones when I do not know the history of them. The cooling fan flexes a lot during it's life. As the rpm increase the blades flex forward and then relax as the rpm goes down or the engine stops. Factor this into the possible thousands of time this has happened in 70 years.
The other and often less obvious situation is the possibility of someone bending the fan back after it struck something and bent one or more of the blades. This almost guarantees a failure. One of our farm neighbours was killed when the fan he had just straightened gave up a blade and struck him in the throat. I have seen hoods where a fan blade let go and passed through the hood. The kinetic energy in a fan blade is considerable and should be respected.
I have always replaced old engine driven fans with something much newer. The designs have become more efficient, quiet safe and better balanced. A fan that is a few grams out of balance can and will shorten the life of the water-pump, if the fan is mounted to the pump. .
https://www.flex-a-lite.com/belt-driven-fans.html Even under the best of circumstances, disaster can happen. I had a new and undamaged USA made grinder stone separate and blow to bits. Fortunately the castiron guard on my Baldor grinder held most of the danger inside.