Good score, looks a lot like mine when I got it. Get it cheap?
They're easy to work on, just tear into it. I'd first pull the motor, make sure the armature spins freely by hand. Then pull the top cover off the gears & check the condition of the freespool gear and other gears. I was lucky and my '75 model showed no wear.
There are some rebuild writeups online, I will look for them when I'm on a 'puter and not my phone.