Wherever metal moves against metal, lubrication is called for. For spots that require grease, I like the synthetic Teflon version.
It's always nice to have a new congregant in the Church of the 401. It's my go-to machine. Even though I've been a long-time scoffer of decorative stitches, the plain zigzag is always handy, the blind stitch gets used regularly and for true decorative effect, my favorite is #11 Ribbon. To my eye, it's the most graceful of the options.