Yes, vaseline for the motor, and maybe triflow or some other light grease with telfon for the machine gears. There are people who have set up their 201 for free motion quilting, and do nothing else on this model, even embroidery. Like any machine, I guess it has mostly do to with getting tension right, and a good thread and needle match for the job is always a must.
I don't know if a 301 has that many advatanges over something like a 15 or 201, but it's aluminium and it's easier to carry around. I shall not prevent you from getting one though.