I don't have any experience with that particular model but I wouldn't call that a racing model. Note the light and generator brackets. One thing to note on older tandems like this is that the stoker's top tube is often quite short, making for very cramped quarters between the stoker's seat and handlebars. I strongly suggest your stoker try it out before adopting this one.
@
bulgie is our resident tandem expert par excellence. Hopefully he will impart his wisdom here.
Brent