Hi, I have this same machine (I have 2 actually) and I LOVE this machine. There is a reset button underneath the machine - press that and chances are everything will work like normal again. And yes, these machines are repairable. I needed new gears on mine in January - it cost around $120 but it was well worth it. This machine will run forever. I looked at buying a new one and they are cheap plastic and in my opinion not worth it. Good luck!
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Since you indicated the machine has been cleaned and lubed, that is probably not the problem unless the stitch length lever is sticky or the feed dogs are hanging up somewhere. Suggest perhaps directing heated air from a handheld hair dryer into the internal mechanics (focus on the stitch selector lever and the feed dog mechanics) and see if that loosens anything.
Sorry you are having a problem All machines work fine until they break. These early computer machines often had hand soldered components that are outdated. Sadly those are not supported by the manufacturer any more and most sewing technicians would advise you replace it with the problems you described.
I had a similar problem a couple of years ago. I finally figured out that I had the straight stitch needle plate (the one with the single hole), rather than the zig zag needle plate (the one with the curved hole). When I changed plates, it worked fine.