Thanks everyone for the warm welcome and good advice.
After reading everyone's comments about not taking it apart all the way I decided not to. my main worry was taking it apart so far that I would've put something back in the wrong orientation. So I just took out the parts that were rusted and cleaned those. After that and a liberal application of SMO it is finally able to freely spin. I think in the future I will follow the sticky thread about cleaning machines so I can refinish the machine with new shellac. Time to find myself a new treadle belt and rubber for the bobbin winder.
As for the table, I'll probably repair and paint it. I don't know a whole lot about veneer so I'm just going to fix and fill in the water damaged areas. Not sure what I'm going to do with the treadle assembly. it has surface rust so I'm trying to decide if I want to just clean it up or repaint it.
here's a nice before and after shot
now I'm thinking I should go and give my "godzilla" singer the same treatment ha