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@Ecobeard
You'll be fine, I'v e had a few bikes with GB stems on from the 50's/60's and i'v enever had one fail on me, or indeed any of the older components that have been looked after.
A bit of polishing on this and it will come up very nicely. Its worth restoring the bars,levers and bar ends too.
I'm riding exactly the same one every day at the momment on the Elsegood and its grand. I've put 1000 miles on it so far and seen no issues.
any pictures/thread on the bike?