most likely you can use any frame for you machine, the carriage and frame mainly dictates the throat size and yours is very small so it would most likely fit on anything.
the stitch regulator is nice to have but not needed. according to Sure Stitch your machine will not work.
Quilters Cruise Control states it works with older models but you would have to contact them to see if yours will work.
as far as metal or wood - thats really a personal choice and i would consider on your local needs and where the frame will be located.
if you plan on putting this is a humid basement i'd stay away from wood.
if you get water in your house from time to time stay away from wood.
if you live in a part of the country that experiences all 4 seasons and goes from low to high humidity i'd stay away from wood.