nice bike, mine is a 1970. yours is a little newer 1972 or so.
you will need a 20 series torque converter driver and a belt or you can switch to chain drive clutch like I did.
for the throttle it easy enough to make a copy of the minibike style throttle hook up. There was someone here selling them .
The bike originally would of had an hs40 Tecumseh on it. I have an h60 on mine and it's a nice fit on the frame.
It's too bad that you are missing the original gas tank because they are hard to find. Your bike had the black plastic tank. I have seen people use a 1970s rupp gas tank which will fit too.
there are pictures in the Arco sales literature section of your bike so that you can see what they looked like. Your chrome looks like it's still in pretty good shape so it should clean up nicely. That style Arco makes a real nice off road rider and it is sort of a rare model because there aren't that many out there. A lot of the parts like the wheels and brakes etc. are the same as the 1970 rupp.