Awesome! You should have it serviced and have them replace the electrical wiring. It's a common thing with that machine. My service guy loves working on these! Check online for a manual (Google). I found one for free. If it's the same model, I can email you a copy. I'll have to check my pc at home for the file.
Mine is from 1939 I think. Very similar. I spent about $100 for tune-up and new wiring. It runs beautifully! The only reason I don't use it all the time is I don't have anywhere to keep it set up all the time and it's too heavy for me to move around much (my dining rm is my sewing room). Someday I hope to have a permanent home for it!