Get an old but clean mascara brush and check first for clogged up stuff - lint, broken needles, dried up grease and oil, etc. Get some Triflow oil - put one drop on anything that remotely moves. Jiggle it as you oil. Muv has a great video on the sticky:
http://www.quiltingboard.com/vintage...v-t167789.html Her tutorial should be enough to get that machine serviced. That machine's exterior looks to be in good shape, you do not need Glenn's tutorial. Your machine looks like it runs on a treadle. Some of those machine's also have a little wheel to drive the balance wheel. Sometimes those get a flat spot or die. It looks like it needs a bobbin winder tire. This can further be discussed here:
http://www.quiltingboard.com/vintage...ll-t43881.html which is also on the sticky.