Yes,this is a drip pan that catches the oil that drips off of the machine,the hole had a jar to catch the oil,if you put some newspaper or paper towels on the bottom of the it will keep it from running out ntil you find something that will fit on the hole or else plug it.
The button on the left is for stitch length,the other one is for the safety clutch.
That belt will work but they do stretch after a while & might need to be shortened.
The takeup can be brazed & would be alot easier than trying to replace it,a good braze job will hold for years.
Here's a manual for it .
211g165 manual.pdf