Thanx for the input folks. The notion of restoring was for myself to show respect for the machine, not for resale. Perhaps I'll just restore the table as a compromise. I was trying to keep the 6 volt light original also out of respect. LED upgrade would be easy but would be a separate plug or junction box, further modifying it. I was playing with the cone in both directions trying to understand what the white disc under it was for. Right side up, the much wider cone doesn't contact the disc so it seemed like the thread cone would just drag on the metal and wear the paint. Perhaps there are different size spacers.
Any ideas regarding what the illegible "6/1C" (or 671C or 6/10) likely infer?
Are most industrial bobbin winders about the same or is there a preferred flavor for this machine. Does a 2.5" or 3" wheel really matter? Should one use a rubber ring on the wheel? (I've seen pics of both)