Hello ottawavalleyboy,
That pressed metal lifting lug sounds like a Lister original. Only designed to lift the bare engine vertically, and not an engine with base, or a complete genset. It will be fine if you go carefully. The later and somewhat lighter aircooled units used the same setup. Again, only good to lift the bare engine into place vertically.
Enjoy your VA, a great old motor. Keep it loaded and warm, and it will outlast us all. Mine ran all day pushing 4kw at 40*c and oil usage is near nil. Regards, Combustor.