Wonderful! I really love slant-shank Singers, they are my favorite 'breed' of vintage machine, and it's hard to pick a favorite but the 301 is a marvelous stitcher. This will be a great machine for taking to classes!
http://shop.sew-classic.com/ is a great source for most things you'll need for this machine. They have the bobbins you need ("Bobbins class 221 301 Metal 10 pack") for $3.99 right now.
My 301 had a broken tension spring and rotted feet and a few other issues - I was able to order everything from Sew Classic and now she sews like new!
Congrats on your new "baby".