I am in the middle of working on this same model, and not successful so far. I would not want to tackle one for my first vintage machine project, but that's just me. It's from a family member, does it have sentimental value? Do you plan on using it?
If it is serviced correctly and made to work, then it would be a fine machine, lots of versatility. The cosmetic work you should be able to do, the one I'm banging may head against was pretty disgusting, but I used Gojo and a scrubby pad, looks OK now. Other people may recommend other cleaning approaches.
Check with your service person, see what they charge. I am near St Louis and it's $100 to have someone touch a machine; I know one person who starts at $50, outside of the city.
I would want to get it in mechanical working order before tackling the cosmetics.
If you decide to remove it from the table, which you will want to do whether you service it yourself or take it in, there are two set screws, one on each hinge, visible when you lift it up out of the table on onto the back; loosen the screws, but not all the way out. The foot pedal probably slides into a bracket inside the table and can be slid out of the bracket. The cords should unplug from the right side of the machine.