Beautiful machine! Let's get this baby going!!
These are solid oak cabinets so you should be able to refinish it easily. I think in your case refinishing would be a benefit rather than taking away from the value. (just my two cents worth!)
It looks like your machine takes a modern round bobbin (fabric store has them) rather than having a shuttle (the bullet shaped item above).
You are missing the plate that goes over the bobbin compartment, but you might be able to at least get the machine working without it. I would join the ISMACS forum
http://www.ismacs.net/ and they can help you locate a replacement plate. They are really good.
You also need a belt (ebay)
You can get sewing machine oil at any fabric store. Put a few drops on all the parts that turn and have metal on metal, then move them gently to let the oil spread around.
Be sure when you are ready to test drive it that you are on solid flooring and not carpet as it will interfere with the treadle motion.
There are two tricks to sewing on a treadle:
#1: You want the large belt wheel on the right side of the machine to spin TOWARD YOU. You can give it a little help with your hand
#2: These machines work on the principal of centrifugal force. They practically treadle themselves and all you are going to do with the foot treadle is to keep the motion going with a very gentle movement of your toes. I found that children catch onto treadling quicker than adults, because they "listen" to what the machine is telling them. Adults want to take control and drive it like a car, when what you need to do is to let the machine do all the work for you. You'll catch on real quick. They truly are magnificent machines in their simplicity.