Excellent advise guys, and gals. I sure appreciate your help.
I got this machine for my wife. An older coworker had it in her garage (it was her Mother's since it was new), and she gave it to me with the stipulation that the wife puts it to use. So in honor of her request, and the memory of her Mother, I'm cleaning up the console (cleaned-up great showing a deep red cherry or mahogany finish), and took the machine to a retired guy in Milpitas who worked for Singer as a young man in the 50's. He said it was in great shape, he cleaned and lubed it for me, and showed me how (it still has the original book and accessory box that came with it) and said just like you say, that this machine is one of the best models Singer ever made.
As he was pointing out the metal gears and cast case pieces. He said to get a better machine than that, I'd have to get a commercial model, but he also said, many of the businesses he went to as a repairman had 401's there, and were using them for commercial production.
No crappy chinese garbage here. I feel very fortunate to have it-just need to hang-on to all my screws...
Thanks again, Michael.