Congratulations, it's my favorite machine. I'm sure you will like it. The various model have their advantage, I still have my 99 out now and then (it's portable). The smoothness comes from the all steel rods and cleverly designed meshing gears. I guess the rotary hook is all part of, since it's just above one of the set of gears. There's three sets of them in a belt driven 201, and I'm hoping a potted version of the 201 will turn up near me. I have a belt driven 201K in a table, the gear driven version is few and far between here. I know they exsist, so I have to keep my eye out and be patient. Other models tend to be more hinged together, thought I have to admit a well oiled 66 is pretty smooth running too.
In my view 1957 definitely is vintage, think of films like Rear Window and Charade! 1980s items have popped up in the vintage section. It's not a strict term and certainly not antique. I would go for a few geunine antique furniture pieces, but I lean towards motor and lights on my sewing machine
