If you are thinking whitewater, I'd worry about that big cutting rudder. If you are thinking getting solid sea kayaking skills, I'd worry about the lack of perimeter lines and the likelihood that the hatches and bulkheads leak like crazy. So a day of wet work could be half a day of hauling the boat to the shore to empty out the water.
As to the paddle, I suspect that you would want to replace it. It looks like 90 degrees and that is way steep against current thought. But it doesn't look like a fantastically good paddle to start with, so that is no loss.
But if the boat floats and your goal is to get some paddle time on on calm lakes, ponds and rivers, and you fit into the boat OK, I don't see any reason this boat wouldn't be fine. It certainly can't be going for a lot of money given its age, and from what I can see in the photo it is in decent shape and has been stored under cover.
Kindle / iPad Cases
Touring Kayak Paddles
The Kayak Wing