Thanks everyone! I'm confident in my choice of this machine for sewing bags. I don't sew leather or vinyl (I'm about to try a bag with a vinyl bottom for the first time but that's only one layer of vinyl and one layer of quilting cotton, both with sf101 applied) but either way, I watched a video today where a guy used a 401 to sew 6 layers of pretty thick denim without the machine even hesitating and then did 4 layers of leather with just a bit of hesitation (but he was using a regular needle and said a leather needle would help a lot). I'm not planning to even come close to that.
All that said, I tried the machine but didn't have any thread with me and they didn't have it threaded, so all I know is that it runs. Hopefully it actually picks up the thread. lol. I'm going to get it cleaned up and fully oiled and lubed first, then I'll try sewing with it.