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What else do you do with it?
NEVER let a sewing machine know you are in a hurry.
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I use it for lubricating the door hinges on my Pathfinder and my wife's truck. Plus just about any oiling task I have. Not sewing machines, although it would work for that. Especially the synthetic ATF. It's a bit heavy though and I don't recommend it.
ATF has a tremendous amount of detergents in it to keep the transmission from getting dirty so it works good in cases like the OPs machine.
The first one (W&W #8 ?) looks like one I am looking at to rescue (if the price is right and I am lucky) I am always amazed at nice these machines "clean up" with a little TLC and a lot of patience. If the "works" weren't completely destroyed I would definitely go for it!
I just finished up one that looked way beyond repair but she turned out to be quite a little princess. Give it a try. If it don't work for you, send her along to me
Here is a machine that I just picked up yesterday. It is locked up solid and is soaking in oil currently. It may have been in a flood or three. The motor is locked up too. This normally wouldn't be as big of a problem but the motor is built in, similar to a potted machine, so I can't just do a motorectemy. If there is rust in there, it may be terminal.
Notice the seam just behind the hand wheel at the left of the machine case? If you can separate it there the motor will come apart too.
Soak it, soak it, soak it, heat it, soak it, tap on it, soak it, heat it .............. Don't take no for an answer.
You could always google the history channel for that guy (I think it's Rick's Restoration). See if they can give you any ideas. He restores many things. He may be able to help. Just a thought. But if it works leave it alone. Sometimes worth more the way it is. May want to use some linseed oil on the wood or Old English so the wood doesn't dry out.
Steve, the question is: Is it too far gone to attempt a restoration?