I don't think I've welcomed you to the board yet so Welcome! That cabinet is a nice one and well worth the effort to get it somewhere dry and restore it. It's one of the nicest art deco sewing machine cabinets you're likely to find and with a 201 in it, it's a top of the line sewing combination all the way around.
Please post some pictures and please feel free to ask any questions you may have.
Rodney