Some of us take on repairs like that just for the challenge. Whether it's worth it or not depends on how much work they need. Obviously at the very least, yours needs a new cord and strain relief, and the gearbox should be repacked with fresh grease.
I think yours is either a model 250 or 0100. 1950s vintage. It was Milwaukee's smallest lightest 1/4" drill at the time.
I repaired a similar one a few months ago--the next model up from yours. It also needed a cord and strain relief, re-greasing, and a little cleanup. Cost me all of $3.00 for a replacement strain relief, a used-but-good cord I had left over from something else, and a few cents worth of grease. The hardest part was getting the wires tucked back into the handle after re-wiring.