Lori, if the machine moves freely and will make a stitch, then there's no need to tear it down, or to take it in to be cleaned and serviced. Clean the outside of the machine with sewing machine oil, oil the machine, wash the cabinet down with Murphy's Oil Soap.
Go to a hobby shop and purchase a "paint pen" to at least coat the parts of the machine where the paint is missing, and then give her a good coating of car wax. (Stay away from the cleaning types, they're too abrasive). Use a good paste wax on the wood.
Belts are easy to put on and off...
