Darrens got `er pegged pretty solid here. These things are a beast of a flat bed that will sew through nearly anything FLAT. Not scooped and very gradual or square flat corners.
I think the foot is 1-3/4 " long; unmodified it must cover 3/4" material as it passes under the foot.
That said, if it is heavy flat work you are doing it is the right machine. However, if you are building anything with a scoop or delicate corners you'll need another machine for that.
Predominantly these are used today for sewing nylon strapping material, multiple layers of heavy canvas or leather depending on how they are set up.
I see no reference to a 7-3. Not even in the double needle variety. My guess is you didn't get all the digits off the number plate.
There are a lot of them designated 7-3X. Like 7-33, 7-34, etc. they all had there different uses.
Here is a pic of mine in the process of being set up. Set up like you see it here it was sewing through the Sunday Tribune paper doubled over; ads and all without breathing hard.
I'm going to use this one for sewing canvas & leather together in thick, flat work I'm doing.