The 201 does take the standard 15x1 needles and it will take Class 66 bobbins. Get the good metal ones from Sew-Classic.
If the machine is a 201-2 it will have the potted motor. That will need Singer motor lube in the tube if you can get it.
The grease pots not only lube the gears but the motor bearings as well. I'm not sure what to suggest if you can't find any of the Singer grease. I've not used anything else on my potted motor machines.
If it's not a -2 then it will have a normal external motor. Again Singer Motor lube in the tube for that. Or substitute petroleum jelly.
There are two gears underneath. Tri-Flow grease is what I use there, but either Singer Lube will work on them.
I've not had the bobbin case out of mine and I've heard it's kind of touchy. So go easy there.
By all means get a manual for it and follow the lube instructions in the manual.
I hope this is helpful.
Joe