Yes, it is a Westinghouse New Home Light Running produced in the 1950s. They take special CC1221 needles that are very hard to find. I have two NLBs and was lucky that one of them came with a couple of extra needles. The motor drive wheel usually has a thump as the rubber will have a dent in it from resting on the wheel. I ruined one trying to "fix" it but fortunately had a usable spare off the other one which is a parts machine. I believe that the drive wheels are still available and they are very easy to replace.
Mine sews like a champ. Have you found a manual for it? If not I can take a picture of mine threaded with yarn so you see the threading diagram. As for oiling, if you see a hole, oil it. If it moves oil it. Except for the motor. Is your wiring OK? Old wiring can be problematic. I will go fetch my manual and scan the important pages you need.
Also, the hand wheel turns backwards or away from you to pick up the bobbin thread and start stitching. Yes, it pays to read the manual.
Last edited by Caroline S; 10-21-2012 at 11:30 AM.