Feed Dogs do drop, NO reverse.
Price is SO hard to say really really...
I have seen these LIST for $800-$1200 but I do not think they sell at that price.
FYI - I paid $100 for my complete unit. Mine is about 6 years older than his, but it is THE fastest and most powerful machine in the house. I have personally sewn through 16 layers of Canvas on this beast.
link to the manual
http://parts.singerco.com/IPinstManuals/241.pdf