I've done FMQ on my Featherweight and I can recommend it along with others in my LQ guild. Just remember, there is NO stitch regulation so the speed you move the material and the speed you push the pedal determines stitch length.
I've found it necessary to increase the size of the stitch length from about 8 (for piecing) to 6 or the bottom because I generally do a stipple or design which is somewhat dense in quilting. Tension is sometimes an issue, so make sure you start out with a sharp (preferably new) and good thread.
I just love the fact that this old machine can do so many good things, so why would you want to have a new one?