Nice bike! Very complete, clean, and appears totally original.
Seat rivets: on all of the MTD Trail Flite bikes I've seen, they had those same large rivets holding the seat on. I have to assume that is factory correct.
Tecumseh engine: The first digit of the serial number represents the last number in the year it was manufactured. But, other things like shroud shape and decals can also assist in determining the year. Note that your serial number starts with a 4, but also has the more square shape engine shroud. I believe 1974 was the first year of the square top shroud HS40. Previous years had the rounded shroud.
I do not know which years these bikes were manufactured. I thought they were 69-71 or 72....The ones I have seen that were original had the pre-1974 rounded shroud HS40 engines. Your engine looks original to the bike, it's the correct color, and has the lighting coil. Your bike may very well be a 1974.
This is the most original bike I know of and it's a 1970 ---->
#005 1970 MTD TRAIL FLITE
Perhaps someone with some more knowledge about these MTD's will chime in.