The only thing you need to be careful of is a thing called sticky shed syndrome. Many 3M and Ampex tapes of that era had that problem. There's no way for you or the seller to know if this particular batch of tape has it without using it so don't buy more than one or you could end up paying for just the reels and boxes since the tape would be ruined.
Sticky shed is hydrolysis of the binder that holds the oxide onto the backing and it turns into a tarry substance that will squeal like crazy and can even stop a machine dead in it's tracks.
Ampex 456 was the most famous tape with this problem and unfortunately the problems very often don't rear their ugly heads for a while.
If you'd like to learn more about sticky shed, there are several threads devoted to the subject here and also in the "Beginners Guide" located in a sticky above the General forum.
If you plan on doing serious recording (for money etc) I wouldn't take the chance with old tape stock. You never know how it's been stored (for instance, heat can ruin tape). I realize that 1" tape can be pretty expensive but there are 2 excellent tape manufacturers, ATR Magnetics and RMGI.
You can buy either at US Recording Media.
http://usrecordingmedia-store.stores.yahoo.net/You'd probably be happy with RMGI 468 with your current machine settings.