My first sewing machine was a Kenmore we bought new in about 1977. It still works and was my only machine until a few years ago when my children were out of college and I finally decided on a " fancy new" machine, a Janome 7700. That little lever works to quickly switch out feet with no problem. I love it! I don't remember the machine ever needing a repair and I oil it myself. I think mine was a model 1941, but it looks like yours. Congratulations on a great machine acquisition.