I love messing with old machines, so I would say "of course!" it's worth fiddling with!
It looks like a nice machine, I'm fond of blue painted machines.
I have a couple Japanese ZZ machines from roughly the same era as yours and they're good solid workhorses - some of them have stronger motors than a comparable Singer does, as well. If you can sort out this machine's issues, I think you will like it very much!