Dayle, technically speaking yes, any machine "can be totally reconditioned"--it is a matter of what condition it is in, plus time and money. Your money. People seem to lose their minds where Featherweights are concerned, and I worry that others will encourage you to buy the machine no matter what. But what you definitely ought to do is check the machine out in person before you agree to anything, and open up the bottom panel to see what's going on inside.
Here's why: If the machine has been exposed to moisture (as the rusty bobbin tensioner would indicate) and there's rust inside, it is not a steal at $75. Rusty Featherweight parts aren't worth much, and neither is a shot motor. And if the wires are gone, you'll have to put a fair amount of time in if you're going to replace them yourself, or money in if you're going to pay a place to do it.
If the bobbin tensioner and needleplate are the only things you need to replace, and the machine runs well otherwise, then you'll have done well for yourself. But as someone who goes through, looks over, and fixes a lot of vintage Singers, I can tell you the rust is a red flag. Please check the machine out carefully before you open that wallet!