Congrats on acquiring a major project. An Eldredge Two Spool is on my wish list. One of the most important things to look for is the spool can/case that holds the thread. If yours is missing the spool can that is major as they are hard to find. The Two Spool sewing machines did not use bobbins. Also if you do not have a manual you may find one at this link http://www.tias.com/stores/relics/.
I have an original manual for an Eldredge Two Spool that I found stored up and inside a cabinet. The only thing that preserved the manual is that it was soaked in old sewing machine oil. It is very fragile and very smelly so I keep it in a zip lock bag.