I just purchased my (first) treadle, it is a "Red Eye" same as yours!
My husband has been helping to restore. He did sanding for me on the wood, and I did the restoring of the machine itself...
PM me if you need more help or any questions!
I have it our family room so I can eventually use while watching TV with husband!
He was playing with my treadle and snapped the belt, so will have to wait untill new belt arrives to use! :(
You will love to play with it!
Regards! Cathay