could your trailer be the one i saw on e bay?
200 miles is not that far, if the p.o. sez it is ready to go it might be.
after being involved in dragging two vintage trailers home with a friend of mine, all i can say is give it a shot.
if you get going, stop after 20 miles or so stop and feel the bearings (hub) with your hand. it should be cool, or at least mildly warm. not so hot that you cannot keep your hand on it.
most likely you will need to rewire the trailer plug to match your tow vehicle. take a spare plug that matches what you have.
worst case you will need to do a roadside repair, as toaster pointed out, bearings are common and should be available at napa. oil seals as well.
just make sure the brakes work, for everyones safety.
go by your gut, if it looks like a dangerous set up don't tow it. then come back later with the stuff you need to do the job right. it is only 200 miles after all. worst case you'll be out, is an afternoon.
good luck, welcome to the forum, and let us all know how it goes!