I am completing an RV-4 which I purchased in about the same state as the one you are considering. It had the horizontal stab skeleton built. Was a complete 1989 vintage kit with a Phlogiston spar.
How much more difficult will it be to build, how much longer will it take to build?
I started the RV-4 about a year after completing my RV-6A. The experience, tools, and jigs from the RV-6 made the work go faster, although the "need to fly" the -6 slowed progress. The RV-4 is more difficult to build than the RV-6 (which was not prepunched). The instructions and plans are not any where near the quality of the newer kits and there are more parts to fabricate.
I paid about 25% the cost of a new RV-4 kit but I have spent about $3000 on parts to bring it up to new standards. This new parts included:
new engine mount with long gear legs
new prepreg short nose constant speed cowl
13 inch spinner to match the new cowl
new style wing tips (not necessary but I like them better)
heaver 0.020 skins for the elevators and rudder
new pressure recovery wheel fairings
fiberglass gear fairings
The newer CAD designed kits with prepunched skins and ribs would be much easier to build; however, since in my experience the airframe requires about 50% of the effort (assuming you do the panel, firewall forward and paint) this would not double the total effort. You can see a graph of RV-6A build time on my web site - 1200 hours on the airframe with a total of 2400 hours. On the RV-4, I spent 900 hours building the airframe and will complete the project in about 1900 hours. The shorter time reflects knowledge gained from the -6, having an existing infrastructure and maybe not tracking as closely.
Are there more pitfalls in the older kits?
I didn't encounter any pitfalls - there are a lot of -4 flying. I think it is the best looking RV and probably the best handling.
Can the tips be used for fuel tanks?
The tips would require significant modifications to use for fuel but it could be done. It would be better to use a large RV-6 wing tank since the wings haven't been built yet.
I hope this helps. Good luck on your decision.