When you say almost new tire from an old bike, I'm thinking lots of tread but maybe the age of the tire is suspect. More than 5 yrs old could mean hard, dangerous rubber.
As to the size, it's very close to stock, so if there are no fender clearance issues it would probably be OK, but keep in mind the handling characteristics may take a few rides to get used to.
fender clearance should not be a problem. the wider and lower profile tire is 4mm shorter than stock, if you want to keep same geometry, you'll need to compensate that 4mm in the fork
having mixed tires, even as far as experimenting with the darkside with a 205/50 car radial with a studded bias ply big block knobby in front, I did not crash and burn, quite the opposite for some of my riding, but in general you mix tires, it handles different, you get used to the difference within the first 5 miles of riding, much like going from completely shagged tires to new tires
if tire has been stored out of sunlight and protected from smoggy environment, even a decade old is still safe for normal riding
I'm very interested in this too because the Michelin Road 5 which I'm seriously considering seems to only be available in the "trail" version for the front (110x80x19) which doesn't use the harder compound down the center for longevity. I will still probably get it but interestingly the 120x70 is available in the "non trail" higher speed version with the harder compound down the center. I kind of would like to have the higher mileage front tire but then again I'm told that front tires generally last almost double the time of the rear.
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