Looks good. How much did you end up paying?
Now join this forum:
and look through the "Bill Holman" files section. There you will find loads of step-by-step info on the rehab/care and repair of these machines.
Search the messages, and you'll find every question you're likely to have about the machine. They even have the original service tech manual for the units, which makes working on it easy.
Oil, heat, and time will limber everything up. Use real sewing machine oil, NOT 3-in-1, which is what causes most of these problems for old machines.
Don't be afraid to work on it yourself, they are really well-built but simple machines. (It will easily last another generation with just simple care and basic handtools.)
At the bottom of this page, you can date your machine's serial number:
Other forums of note to a new 401 owner: