I don't have the GM-II but do run a GM V-SAT. I believe the GM-II came out around 1990 and may have retailed for about $400. I see some people are paying that or better now for them. Amazing what the market price of Gold can do to a detector over 20 years old. The V-SAT came out around 1995 (is the year I have) and I think retailed for about $500 and then again came out but I believe slightly changed a bit in 1998.
As I recall, the GM-II is a bit more difficult to keep ground balanced working real hot ground but what I did for my V-SAT was get a couple of the DD Coils that quieted it down some by being less effected by mineralized ground. It is said there is a little depth loss with these elliptical DD coils but they are more effective in covering the area that they do cover over that of a concentric stock coil and I would agree. The drawback I've found with the DD coils is the rascals will find Hot Rocks deeper than my stock coil that typically finds them at the surface or just below.
Your GM-II should be very capable of finding very small Gold (nuggets, pickers). I've been able to find with the V-SAT in my area that is mineralized and loaded with hot and cold rocks, very small bird shot and I'm told if your consistently finding lead shot that small, you are doing everything right with ground balancing and such, and if there is Gold at or about the same size, you should also find it. I do keep with me two Gold samples of 1 and 2 grain weight to field test with. I also have three Poker Chips that have mounted in them lead bird shot in sizes 1, 2, and 3 grain to do the same thing with. In some instances, I have read these GM detectors should find gold specimens as small as 1/2 grain.
I have used this machine to hunt other things. We have a few sandy beaches along the river so have tried for a few toe rings or lost jewelery. Problem is, so has everyone else and are hunted heavily but I do find the coins they did not find. I'm old school hunt by sound, not bells and whistles, so these manual GB and All Metal detectors are what keeps metal detecting interesting for me by requiring you to actually learn something about their functions and what they are telling you. Have found very small barbed fish hooks, lures and spinners, left behind metal tent stakes, trash items and coins on these beaches. If I had been using a coin detector, It would have missed the small fish hooks that could have ended up in a kids foot or a pets paw. Though a Gold Master was built for finding natural Gold in ground mineral conditions typically associated with it and operates at a frequency better suited for detecting Gold and in smaller size, do not underestimate what these old Gold machines can do outside of that. I've yet to find a nugget or picker in my area but I'm not surprised by that because our gold is mostly flour gold. Never know though, someday I may find the one them Chinese missed.
If you can get your hands on one, get "the Complete Unabridged Zip Zip" by Larry Sallee and "Advanced Nugget Shooting" by James A. MCCulloch. I think Jimmy Sierra along with some others wrote books in the days of these machines to help better understand them.