The 525 was the top-of the line model, very similar to my Gilson. That should have been a two-speed set up, which would have had a 1-way (sprag) 24t sprocket on it, with a 2nd speed clutch bell on the jack shaft. Here's what mine looked like originally. Someone had welded the sprag sprocket and removed the 2nd speed clutch from the jackshaft.
I ended up buying a new 2-speed kit from black widow motorsports for about $150 shipped. The jackshaft was too short, and the old one was too far gone to use, so I ended up getting a new shaft from OldMiniBikes. After a few mods, it was ready to use
So, to answer your question: If you're planning on restoring the bike in any way, go back to the Comet 2-speed set up. It's pricey, but it would add both value and versatility to the bike. If you're not planning for a restoration or are planning for a restomod, then use what you've got on there until you make up your mind. It looks like that sprocket's been welded in, so replacing it means replacing the jackshaft too.
BTW, aside form being welded, the sprocket I removed from my bike (still on the jackshaft) was in pretty good shape. The teeth were in really good condition. If you want it for your build, I'd be happy to send it to you for the price of shipping. I likely won't use it for anything and it's just collecting dust in my garage. Let me know and I'll post up some better pics