Yes, and don't go with the black, it's zinc and rust, I owned them. Are you missing case bolts? You can get those at Fastenal for about $8
The main things you need to do now that it's yours:
Verify this first on the steering stem:
Engine or Frame Numbers (start-end)
1970 R5(A) - R5-000101 - 013649
1971 R5B - R5-015101 - 042209
1972 R5C - R5-100101 - 130606
Grab these manuals second:
http://www.lawrenceotoole.com/r5/YamRD250350Man.pdf
http://www.mikuni.com/pdf/vmmanual.pdf
Do this last:
1. Check compression
2. Leak down test (you can build one)
3. Check carb boots for leaks
4. Clean carbs, jets, verify which pilot and mains you have (Ultrasonic is best, but ammonia mixture and soak will work) Stock for most of U.S. is 30 pilot, 120 main, 1.5 turns out idle screw, clip on the needle 4th/3rd position.
5. Check timing with dial gauge for each cylinder and multimeter. Check gap of points, correct, test output of charging system
6. Check plugs, see what color they are if you know bike has been ran recently by PO, replace them anyway correctly gapped .25
7. Check autolube pump, make sure it's working correctly and within spec
Two strokes do not like to be without oil nor ran lean. If low oil, a seizure is possible, if lean a holed piston.
I would not start it up, or if you already have, not again until the above has been checked throughly
Once that is done, come back for more, I don't want to overwhelm you.