Yes. We called them barrel-style heat exchangers for obvious reasons. It's very primitive, surprisingly efficient (or inefficient, depending on your point of view), and very long lasting. Subsequent designs incorporated narrow shapes and were intentionally deformed in various ways to improve the transfer of heat, but those deformations always ended up being the sites where failures began. In this heat exchanger, the most likely point of failure will be the welded joint where the exhaust cylinder meets the main cylinder.
*Never* re-connect that humidifier. Doing so would destroy the furnace. I'm surprised to see the humidifier tube set to drip directly on the heat exchanger - most of these that I've seen have a little tray that sits above the heat exchanger. Perhaps this one once had such a tray. No matter. Don't use the humidifier.
Get your "old timer" heating/plumbing guy back to adjust it. With a furnace like this, the adjustments are not about efficiency. And, yes, 180 degrees at the registers is way too hot.
Discard the idea of "maximum efficiency" with this beast. It'd be like tuning up my 1949 8N tractor for maximum MPG. With both of these critters, you tune it by sound & feel.
The gas flame should, indeed, be blue, but understand that whenever your furnace is running, rust flakes are falling into the flame and burning yellow or orange. The plate on the end of the burner looks fine to me.