A wise decision? After your first one or two working machines wise has nothing to do with it.
I think you did well. The machine is in great cosmetic shape and you got a good price on it. The case can be repaired. It will take some work though. Tolex is the material that's used on instrument cases. It would be about the best match that's around these days. It's also been around forever so might actually be what was used originally. It comes in a wide range of colors and styles. If you want a custom colored case this is a good opportunity.
Do you have any woodworker types in your area that want a challenge?
I know there are also people making pretty good reproduction cases too.
Rodney