Shame about the honkin' big hole. You might see if you can turn it into a Gold Coast (from the 1963 catalog). It depends on the diameter of that hole and the Ludwig mounting plate of the period.
[img]http://www.vintagedrumguide.com/images/ludwig_sets/1963_ludwig_drumsets10.jpg[/img]
Same 12x18 dimensions on the bass. Pole style holder on the top which then has the top of a snare stand to take the snare. The Pole mount would work equally well with holding your tom using a Ludwig single arm from that period. Or a dual tom holder if you prefer. I've seen it done.
That serial number fits better with the Gold Coast period than it does with the first catalog Jazzette which is 1967 (Rob Cook has them starting in 1966) so you aren't doing anything too extraordinary.
Unless you have the wherewithal to turn it back into stock Jazzette again, in which case go for it.