Yeah, that's the previous owner's job there...loose wires like this make me *jumpy*, ha! I would never have left them like this, I promise. I was figuring on changing the wire out due to the splice, but what I saw in the foot pedal...it does need help!
So far I have just used Singer sewing machine oil on the outside, which got rid of all the old oil/junk on it. The metal face plate I took off and gave an extra rub with metal polish, that's all. Everything else just came up shiny after a gentle rub with a white T-shirt. She really wasn't that bad under her coat of dirt and such!