Just to add, I have had several banjos, I think I had 5 at one time. I had a custom built for me that cost about 3k which I sold. I now have just 1 an old Baldwin/ODE which I just love. I used to play and take lessons but life got in the way and time slipped by. It lives in its case now
The thing about banjos is they can be a PITA to set-up. Lord the tweaks people can do for the quest of tone is endless. So many variables materials, head, hardware, strings, OMG bridge selection
, and string selection
, then picks
I tried not to get caught up in that crap and just played. Find good strings and tighten the head and play. Openbacks are light you do not need a strap unless you are endowed in the belly like most of us in our 50s
then the strap keeps the jo where you can pick it.
If you want to play bluegrass get a set of nickle finger picks (National or Dunlop) and a thumbpick that fits. You can mold them by soaking them in hot water then slipping it on and allowing to cool. You do not use them to play Clawhammer style. Frailing/clawhammer and bluegrass are different beasts and clawhammer is fairly easy once you learn the bum-ditty. Bluegrass is all about rolls and can get fast. Do not focus on fast, focus on accurate. Fast will come.
Your Bacon will be a player trust me. You can be playing with very little cash outlay. Remember they began playing banjos that were made from gourds
your's is modern
as lomg as the neck isn't warped you can fix everything else. Neck joint can be shimmed, everything else replaced or fixed. Frets may need to be dressed but I didn't see any issues from the pics.
Upgrades I would consider would be prioritized on getting it playable #1 Then tone. Tone is a
DEEP, DEEP, deep rabbit hole. You have plenty of time to explore that.
Enjoy your journey!