I agree with Dan about the light and Miriam about the spool pins. Neither of these things is a big problem. The spool pins were designed to push in and pull out. If that one is worn out, you can easily get another on e-bay. The Singer 401 is a great machine. Don't let these two things prevent you from enjoying it.
Do you know how to select stitches? One side of the knob has levers that pull out and one side has levers that push in. Consult your manual. Don't try to force them.