Thats awesome! To give you some basic advice for parts
1) the axles, sprockets, hubs, brakes, and rims are all common parts.
2) seat cover will be a challenge, I had to make my own but it turned out nicely, Generic one seat and generic bench seat covers are readily available though
3)The first items on my list would be
a) check the condition of the frame, any bends, dents etc? Looks like the bench seat kart may have been rolled before).
b) check the steering (esp spindle brackets for tightness. There should be little to no play in them. E.g. not wallowed out.
c)check the axle, if it is straight then you can move on to the piddly stuff.
d)torque converter/clutch? save that for another day, but you may end up needing to replace the drive unit on the torque converter because these karts are so old. I can tell you a site that has reasonable prices but i dont know the name off of the top of my head. can you take pictures of the karts transmission or clutch system? take like 4 or 5 pics and post them up so i can tell u what exact transmission it has. (side view and overhead view are the best)
If you have questions on what model of karts these guys are, send a message to the guy that sells go kart parts at
www.reliablegokarts.net He can also get you a manual for the kart too. He used to sell thunderkarts back in the day, and ended up buying out a lot of the parts for them and has a lot in stock. BUT he does sell them for a lot more than you could pay somewhere else.
Hope that helps