There's nothing there that "needs" restoring. Clean the top with sewing machine oil and cotton balls or soft flannel cloth, clean the underside as needed, then oil it properly. Clean the top tension, the bobbin area, adjust as needed.
Put a new belt on it, a new needle in it, then thread it up and start sewing.
ETA: I forgot to say; check the wiring for cracks, bare spots, and rodent chewed spots. It's not that hard to replace if needed.
Joe
Last edited by J Miller; 09-06-2013 at 10:45 AM.
Reason: forgot something