T Good,
You made a good find there. Oil the machine up and it will purr for you.
As for the electrical. Everything you have there can be rewired. If you just wire the cord block exactly like it was from the wall socket end, then again from the foot controller end it will work fine.
More than likely the foot controller is OK, it the old cord that's shorted out. If that's the case it can be rewired too.
If you don't want to do that, you can purchase a new cord block set and a new foot controller from Sew-Classic and put that in. That's actually the easy way to do it.
Your two wire foot controller is electronic and with those you need to make sure it's rated for for the size of motor you're using. If it is you can use it on the clone by cutting and splicing the wire near the controller. I don't know how you'd make the connections on the circuit board and rig up a stress relief for the cord if you completely rewired it.
You could cut it's wires at the plug end and solder them into the cord block. That's an easy way to do it.
I put some pics and instructions on rewiring a foot controller in this thread:
http://www.quiltingboard.com/vintage...r-t199606.html
I think it's in the third post on the first page.
Joe