I agree with the comments made, keep it for a backup. Have you checked out the stitch on it? You may love the stitch and want to use it for your piecing machine. Does it have a big harp area? You may be able to also use it for quilting some of your smaller quilts.
If you are like me, you come to love your machines and you don't really want newer ones. Another plus with the older machines is that many have metal gears and not plastic gears. They will do a good job with the more heavy material like canvas and thick material. The heavy material won't break the gears on the older machines like they will on some of the newer machines.
One of the reasons I have the older Singers is so my husband and son will use them instead of my New Home.
I have several older machines that I love to display (they are all usable).
I love old singers so I have
Treadle (Singer 15-88 ..use when I want to just relax and treadle)
1 Singer hand crank (with a shuttle bobbin)
2 featherweights (black 1953 and a white 1965ish) use for piecing when traveling
1 black 301 (big sister to the featherweight)
Non Singer machines...
1 New Home Limited for piecing and sewing at home (laughing...the only one that does more than straight stitch)
Husquavarna Viking Mega Quilter (I use it on my quilting frame)
1 Pfaff serger.
I'm happy with all of my machines except my serger. It is my newest machine but it is probably about 11 years old and is temperamental. I'll probably replace it in a year or two with a new serger. I don't use it as much so it is quite a ways down on my priorities.
I agree with the person who made the comment about the beautiful stitch on the Featherweight. I think the featherweight stitches are wonderful.