SherriB, to convert your Touch & Sew cabinet to accept a 301 is pretty easy - you just have to buy the cradle and brackets that fit the 301. They usually cost about $30 on eBay.
The little brackets attach to the inside front lip of the opening on top of cabinet with screws and the cradle fits onto the hinge pins. (Those are what are holding the T&S in the cabinet, now)
Don't buy a cradle that doesn't have the brackets - without the little brackets, the cradle will fall right through the opening.