That is a Featherweight and great price for it. If the case is in reasonable shape the smell can be overcome and if there are rips in the fabric cover, Elmer's school glue will take care of that. Dave McCallum's book "The Featherweight and I" tells you how to get rid of the smell and fix tears, fixing corners where the fabric might be gone, and then polishing with black paste shoe polish to give it an almost new look. If you get the smell out, make small muslin packets of shaved Dial soap to put in the box (about 3 is all you need). Hope your box is salvageable!
Enjoy this great machine.