Pictures will help a lot. I'm assuming this is a White that was made for Sears from the description. Pull the motor away from the handwheel. Does the motor run fast and quietly? If it does, good. Next push the motor in closer to the handwheel a little to increase the contact pressure between the motor's rubber drive wheel and the hand wheel. If the machine speeds up then you should probably replace the drive wheel on the motor. They're still available from Sew Classics.
http://shop.sew-classic.com/Motors-a...-Parts_c21.htm
You'll need to measure your shaft diameter on your motor to get the correct one. You should also oil the machine again. Most of the oil probably drained out while it was sitting.
I just worked on a White and most of it's problems running were due to a bad drive wheel. There was also a huge ball of compacted lint between the back of the bobbin and the housing.
I hope this helps,
Rodney