Yes this is a magach. It is an evolution of the M60. If you choose to build a M60A1 with reactive armor, it won't fit today's situation...
For the Magach, you also have the "legend production" conversion. The problem is that there's quite a lot of resin there so the price is going to be a bit steep... count 90 euros for the conversion plus academy kit at
http://www.blast-models.com .
Now, if you want to build something similar... you cant just get the M60A1, but you'd better use the Italeri kit. It's better than the academy one. But you'll have your timeframe problem...
Or you can get yourself a merkava II or III. It's a different tank, still hughe... personaly, that's probably the option I'd choose : buying the merkava II from academy.
Beware, I hear the merkava III from acaddemy has a completely wrong turret.