Congrats on the machine, I have that same model olympia it's an SM3, there is a small issue with the small round rubber between the body and the feet of those machines, it's an easy fix with a quick trip to the hardware store. I too also have a Montgomery Ward Signature machine. Mine is just a basic zigzag with no cams. So you're lucky!
try here for your first stop on the typewriter tour:
http://www.reddit.com/r/typewriters/
here's my album of my SM3 typewriter:
http://imgur.com/a/zJg6s
You can buy ribbons at office depot or office max, they take a standard 2 inch ribbon spool. Usually between 5 and 10 bucks.
In this photo:
http://i.imgur.com/yqFKt6H.jpg you can see the gasket that had to be replaced, it is the black one photoed it keeps the floating body off the base of the body (the gray/green) and prevents the carriage from dragging against the body.
now... if ya wanna get fancy with inks... There's these awesome colored ribbons that will fit.
http://www.amazon.com/Universal-Type...955094&sr=1-11