In the UK, Apple was pretty determined to take them all back to stop hackers getting hold of them. Some would have been reused but most would have been dumped.
Around about 1988, Apple UK ran a generous upgrade option campaign for 128/512 owners -- so I guess that your Mac is one of them. Is the serial number that you quote the one on the bottom of the Mac?
Early Macs sold in the UK often cooked themselves. I have seen them going up in smoke but I also own several healthy early compacts. If you rework the psu, you are probably OK; if you ignore it, you are foolish.