I have a Singer FM 362 that looks very similar, mine has a knob where yours has a lever. I like mine. I took the motor off and treadle it. It sews very well except it does not like going through thick seams. Not sure if that is a problem w/all these types of machines or just mine. I found mine at Goodwill several years ago for $7. I like the color of yours better, and the reverse...mine has a button to push which can be tricky when you need to spin the hand wheel and reverse at the same time. The feed dogs do not drop. There is a funny looking little piece that slides under the plate to raise it above the feed dogs. I think you will like this machine.
Jp