Before you give up on a 1222 check out kijiji, craigslist, ebay, etc. I've bought two int he past 6 months to replace my 1975 1222. BTW 1222E is the same machine and the parts and feet are interchangeable. I've kept my old friend for parts - I replaced the main gear a few years before it developed problems similar to yours. I have a Janome 4800 that is wonderful ... but I can't pull my old Pfaffs out of the steady stiching like I can it.
I feel your pain ... and I was very near tears when my first machine gave up the ghost. I sewed my wedding dress on it as well as other clothing, diapers, baby clothes, western shirts (17!), my first quilts, ...