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...those BB's were one of the earliest "threadless" BB designs I can remember. That one got some hard use before it reached me, but honestly speaking, if you don't have any thread damage in the BB shell of your bike, I don't know why you'd want to use it. There are so many other options available now that are more easily installed, and are as good, or better, in quality of the bearings.
The good news is that the chamfering tool doesn't really make much of a cut, so it's easy enough to return to a more standard BB unit. As long as you still have threads to work with.
IIIRC, I hung the frame in the sun, blocked all the various holes, and filled the interior with some of that Evapo-Rust stuff, then stripped and repainted it. It's a Ron Cooper from a certain time period that feels good to ride.