Once you check it out, don't be afraid to use it.
My Dad bought one of those in the early 60's for home use. Around 1980, I bought him a new Rockwell and got the Craftsman hand-me-down. Other than cleaning and a new cord, it has never needed any repairs. Simichrome is a great product, but it's also very mild. You may want to search for some Meguiar's Metal Polish, which is available in Heavy, Medium and Fine Cut levels. Other than specialty Detailer's Supply shops, very few stores stock it, but you can do a free ship-to-store at Wally world.
Bill