Well, you're starting with a good machine for it. :)
Have you thoroughly inspected the wiring and cords for stickiness and cracking or crumbling? Does the light seem to work properly when you plug it in?
With the machine unthreaded, and assuming that it is properly oiled and lubed, run the machine wide open for several minutes. Is the motor housing too hot to touch? How about the foot control? Any burning smells or a lot of smoke? (a little wisp of smoke is probably just dust burning off and usually nothing to worry about)
Does the motor run steadily and smoothly? If it's been a long time since the machine was used, you may hear it speed up and run faster as the fresh oil penetrates and breaks up gummy or hardened oil.
If everything is safe, thread up the machine and sew on scrap fabric to check the stitching. Put the right needle into the machine for the thread that you're using, thread up the machine and bobbin, balance the tensions on the bobbin and needle threads and you're good to go.
Put your darning foot on and drop the feed dogs, lower the foot and try sewing some simple lines and squiggles on a 14-16" practice sandwich made out of muslin and batting scraps. Draw the lines on with a water soluble marker, if you like. You may have to decrease pressure on the presser bar to allow the quilt to pass under the foot. You may also have to loosen the needle thread tension just a tick to keep the stitches balanced for FMQ compared to machine-guided stitching. :)
Have fun with it!