At least it won't get worse, now. Actually, it doesn't look too bad. I've seen a lot worse brought back to sew well.
Looking forward to seeing it "spiffed" up.
I also found
http://www.oocities.org/heartland/pl.../florence.html so pretty sure it is near if not over 100 years.
Sounds like I won't need to tell you to
enjoy your "new" machine. Something to keep in mind -- be patient as you bring it back. I know how hard that is too do, sometimes. As I have learned -- "It took a lot of years to get in the shape you found it. So don't expect instant results."
Oh, here is what I believe is an excellent tutorial about the cabinet.
Cleaning and Reviving furniture(Sewing cabinets) (I've had good results on some pretty cruddy looking wood.using his instructions, even just the first step really brings old wood back to looking good.)
Janey - Neat people never make the exciting discoveries I do.