If you can clean up and regrease the worm gear behind the hand wheel and gear part in the hand wheel, it should get you far. The basic Singer motor which needs grease only on each end of the motor axle quitets down noticebably when cleaned and regreased. On the other hand, they seem to run very well on little to no maintanace for decades, and I guess it's because the bearings in the motor housing is brass (or something similar), and the motor axle is steel.
Yes, it's worth having a 201 rewired, greased and everything checked, at least by someone who knows and care about this model. It's my favorite and the one I use the most. That said, it does cost and we don't always have the money ready for it; then it's DIY best you can, at least until you can hand it in some where.