Nice looking machine. Oiling is simple. If you see a hole in the body or floor of your machine put a drop or two of oil in it. I would also put a little oil on the bobbin housing and open the front cover on the arm. Oil every joint you see for the mechanism in there and put a couple drops of oil on the vertical shafts as well. Oil any exposed moving parts on the bottom of the machine too. It only takes a few minutes and really makes a difference in how smoothly the machine runs when it's freshly oiled. Over-oiling won't hurt the machine, it will just make a mess.
J Miller thanks for the link to TFSR. Very good info in there on how to fix and adjust the tension on these machines. It really helped me with the late model 66-16 I purchased this week.
Rodney