Heddons were of the highest quality for production rods and the Black Beauty was about middle of the road in their line-up.
While shorter models are more desirable your 8.5' is very fishable. Both tips would have been the same. There was 2 in case you needed to rest one to avoid a "set"
The "1 3/4F" was the ferrule size and that one was used for the lightest "dry fly" action in that rod length.
HDH and E are the line sizes. HDH means the same as DT6F and an E would be a 5 level line. You may want to try a modern 5wt line first.
I see that your rod has a short tip. Not ideal but still usable.....I change my mind.... 6wt not 5