Ralph we actually have a 10,000btu Kenmore that I mount in the living room window from about May or June, until October. The weather down here spins on a dime. This summer, we had a week in the triple digits....as high as 114 on one day, and then another couple weeks (spread out) in the high 90's, low 100's.
So yes, I would actually use it, and yes, it would be yet another great vintage item to not only collect, but to put back into service. If I could find a safe way to transport that OH a/c unit....I'd go for it.
Re: Knobs...
Your local hardware store, as well as radioshack, will have knobs that attach to D shaped shafts like that with a set screw in from the side. They're cheap and come in a variety of shapes and sizes. They may not be chrome, but there are some great black versions that are very old school.