Oh, how cute Lesley! Love, love, love the celery color of your machine. I don't know what the ring is. I sew on mine al the time without that type of ring so you should be ok.
On the oil, boy, I am not the one who could answer with any confidence.
I am sew glad your experience with eBay was a good one.
Oh yeah, my FW doesn't sew slowly. Billy, Charlee or someone else would be able to tell you what is causing that problem. (FYI:one can't ask too many questions in the shop ;-) )