LilRedRocker,
Very carfully remove everthing that will come off. Faceplate, inspection cover, needle plate and bobbin cover, bobbin case, stitch length plate, then FLOOD it with oil. From your pics there's no where near enough on it. Once you get the plates off you can flood the insides with oil, then the under sides. Once you get the face plate off saturate everything in there, especially the needle bar.
On the exposed part of the presser foot bar remove the foot and the thread cutter and scrub the bar with OOOO steel wool soaked in oil. Do the same with the needle bar. You want to get the rust off so it isn't ground into the head as the bars move up and down.
Remove the hand wheel and belt cover too. Makes it easier to clean. The hand wheel will probably be glued on by old oil.
Here is where Tri-Flow oil comes in handy. It will dissolve the old gummed up oil much faster than regular sewing machine oil.
You might still have to use something like PB Blaster on some parts, but it should free up with soaking and cleaning. Just don't force anything.
Joe