Sounds like a wonderful deal to me. I have a babylock Elegante and love it. Wish I could have found a deal like yours though!
I use Sulky 30 or 40 wt. Gutermann and Coats and Clark thread and all work fine on my machine. The 100% Polyester is best as it has a nice sheen, but I can use some of old thread stash for practice.
Have fun with the machine.