I can imagine your excitement in bringing home your new to you machine. I have one just like it and it works wonderful. I can't see in any pictures, but my guess is that the arm to lift the foot is still on the machine. I would keep everything as is for awhile, and forget the knee lift. I use the arm almost always and the woman I bought the machine from used it always, knee lift wasn't even mounted when I bought it. I'll bet that power lift will come in handy later tho. My good friend has a upholstery shop and he says these machines were made in Germany with excellant life expectancy. Mine came from a car upholstery shop and was used every day and for long periods of time, after years of service, she went to the new Consew because this Pfaff would not make the long stitch she wanted for car seats, it seems she wanted 3 or 4 stitches per inch. Ours won't make them that long. You mentioned speed seems fast, I am wondering if you have the 3450 rpm motor. One of my machines has that and that machine "flys" wide open, and it is hard to slip the clutch. Lots of operators do slip the clutch and far as I know, doesn't hurt them at all. Speaking of fast, when I bought my first Pfaff, he said it would sew two yard sticks together in 3-4 seconds! By the pictures, you are blessed with welt foots. One picture shows a double one, used on furniture, you wrap your material around the cord, and run it through the channel, sewing right along the cord and does so effortlessly. In some applications, they will make a double welt and staple in on right between the two welts. I notice the paint is still good on the bed, meaning not too much material has ben sewed with it. Much of the paint on mine was wore off from material passing over the bed and rubbing the end where you set your stitch length. I 've probably talked too much, but lookes like you made a good buy. Earl