You can try and format 1.2 HD floppy as 360k if you want. At least you'll know if it's usable at all in a PC. In general HD floppy will behave as a very good quality DD disk. The other way around is not always so easy, some FDDs are hardwired for HD mode and will refuse working with DD/QD media, or (if the floppy sensor is also missing) might just try and error out. This is quite common for very late 3.5" models when manufacturers tried all kinds of cost cutting measures as the floppies were phased out of existence.

Thanks for your advice, but I'm afraid I don't have much interest in 360k disks. I suppose it would be nice to know if the drive works though, but I won't be selling anything anytime soon. Are these Staugart drives of any value?

Sorry about not replying for a while. I completely forgot about this. Feipoa, I don't think the Shugart drives are off too much value. At least when I bought mine on eBay, they were slightly cheaper than others selling theirs and at the time I had no idea it was a Shugart. I ended up getting a Cannon MD 5501 drive and I been happy with that.