Hi all,
Thanks for your great (and prompt) feedback. I've used the machine a little bit yesterday and it does run very well.
In regards to the reel - the gentleman I bought it off did initially mention I should get another 3 or 4 years out of it. He suggested keeping an eye out for older machines going for cheap that might have a better condition reel on them to replace it with as the new ones are quite expensive. However, the next day he gave me a ring and said he'd had a thought and he could have one made for $150. It sounded pretty good at the time so I gave the go ahead - was this wise? I thought it wouldn't hurt to have the new reel and bedknife on there and I can look after the rest myself.
I've attached a photo of the Model, Type & Code but it may be a little hard to see. To me it looks like:
Model: 80202
Type: 0879-01
Code: 81081003 
 Hope this helps.
So what is generally the first step in any restore?  I'm in no rush but wouldn't mind laying out a bit of a plan of attack so when I do have some free time I can get stuck into it!
Cheers,
Kenny.