Just a hint on the lubricating tube - stick a needle in the tip to make it easier to lube the motor.

My sister and I cleaned up my Mom's 1949 FW for her for Christmas. Mom had never had it cleaned. She just put one drop of oil in all the holes and kept sewing. I could see that oil was not hitting the target every time and when it did it was slung everywhere. Open it up and oil it on every moving place you can find. Like everyone says, run it with something to catch the excess oil. Anyway, Mom says her machine runs like it is new now.