I cleaned my cousin featherweight with tuffstuff that I purchased from an Auto store. I think Wal-Mart carries it as well. Did some looking on the internet and found the Tuffstuff recommendation The featherweight must have been owned by a smoker, because the of film that was being removed by the Tuffstuff. It took several applications, but turned out nicely.
I also have one of these red eye machines, but the inside gears are so rusted that I've not tried to clean it yet. So I can't be sure. I know that most books and articles say to use white kerosene to clean the gumming build up.
On p.109 in the book "Featherweight 221 The Perfect Portable, the author tells you how to clean the inside. On the outside of the machine she states that her husband used a carnauba car wax and just lets it go at that. She also says that it is just the car wax, not the combination of the cleaner/wax. Unfortunately, this would not have cleaned the featherweight that I was cleaning.
For the plates on the machine don't use steel wool. The tuffstuff cleaned the plates or you can use a silver polish.