Hi Treelore
I have some old English axes that I've re-handled. Some tips:
1) Makes to look out for - Brades, Elwell, Gilpin, Marples, Morris of Dunsford, Parkes Biped, Spear and Jackson, Spearwell, Staniforth Severquick, Tyzack, Cornelius Whitehouse, and that's for starters. There are probably other good makes, but the only make I'd avoid is Jenks & Cattell. Jenks & Cattell axes are made from a sheet of steel, with the eye bent round and welded.
2) Condition - I try to avoid really rusted or pitted, and really battered polls. Don't worry about sharp/blunt - you hardly ever find a sharp axe - see below!
3) Restoring - sharpening is quicker if you have a bench-mounted belt sander (but take care). You can still sharpen with files, diamond stones and wet & dry - it just takes longer. You can probably guarantee that you will need to give the axe a good sharpening.
4) Handles - quite possibly knackered. Check that it's tight on the head, no splits, cracks, woodworm, rot or other nastiness and you might be OK. Alternatively make or buy a new handle and fit. I personally would err on the side of caution here and fit a new handle sooner rather than later.
It's great fun to refurbish an old tool and give it another, potentially, 50 years' worth of life.
Cheers