It will work fine, but if it's similar to the MEM "Startet" starters I have of a similar vintage, it's just a mechanically latching switch with thermal cutout, and won't have NVR (no volt release) which prevents unintended restarts (especially
when an E-Stop is reset), and thus would not be acceptable for many purposes in a commercial environment.
As long as you're using it at home, and are aware of the small additional risk compared to a modern starter, then it should be fine.
I have previously gutted starters of that age to reconfigure them as a push button control station for a seperate NVR and thermal cutout hidden away in a box somewhere, which worked just fine, but was quite a lot more faff that I anticipated for what was effectively purely aesthetic purposes.