4dogs, "Is it worth it?" Of course it is worth taking time and cleaning up the machine. I like to caress my newest addition with a cotton ball and sewing machine oil to get them to shine. It lets my machine know that I care about it and helps form an attachment to it. As you can see, I don't have THAT many machines yet, but just the part of cleaning it's surface off first helps build a bond to it. Then I can address the other issues with it. I'm just a beginner on the vintage machines and am taking it slow on having ones to rehabilitate.
On yours, once I got it cleaned off and looking nicer, I'd add the oil to the places it needs it. I go through and put it in all of the holes for oil and maybe one or two that just screws go in, I'm new at this, as you can tell, and then on anything that I think just might need to move that doesn't. Then try moving the things, and add more oil and repeat it again. It's a good machine to experiment on as it didn't cost you anything. You'll be amazed at what you can do, if you try. It is so satisfying to get just the smallest of things working better. It's probably stiff because it hasn't been used and needs the oil to get it going.
Let us know how you are doing. We all had to start somewhere on these machines, and here on the QB, you and I can learn a lot from some of the best teachers concerning these machines. Take advantage of the free classes!!! ")

Joe, I love the name of your place!!! :) :) :)