You are blessed! I have heard numerous times how good theses machines are.
Here is a blog post about rewiring a potted motor:
http://vssmb.blogspot.com/2012/01/co...ted-motor.html
I had a journey man electrition friend do mine, but many have done this themselves. Be sure you check the wiring of the foot pedal/light bulb/plug in terminal and motor.
Please follow your manual for greasing and oiling your machine, as there is a certain way to do it, and a certain grease and oil. Pages 27-31:
http://ismacs.net/singer_sewing_mach...ine-manual.pdf