I have a black 301a I got a couple of months ago. I have had to replace some things, like the cord and the foot control. But I LOVE how she sews....perfect straight stitch. Plus, she is light (16 pounds) enough to carry around for classes and guild meetings, so she is now my traveling partner. My other newer machines were too bulky and too many parts to have to pack up every time I wanted to go somewhere with a machine, and then have to put it all back again when I got home. My Miss Ida stays in her wheeled tote at home, and comes out to play at "away" sewing events.
I do love her. She is perfectly suited for piecing, and YES, her feed dogs will drop for FMQ, and you can get a FMQ/darning foot for that purpose. The 301a is a SLANT Needle machine, so be sure you get the right feet for her.
Also, I only paid $79 including shipping for this one.....don't pay over $100...you can get them all day long for that.