This post is in progress as I am editing it while cleaning the machine.
Replaed two main plastic consoles since they were broken. Took these parts from identical (but for parts) Studio 360K. Cleaned very thoroughly inside the mechanism (but I did not disassle it since there was no rust and overall everything looks in good shape and everything moed freey).
This machine was a rare find since the patterning drums did not shut stuck and moved freely. I suspect this machine was not used a lot since even during cleaning I did not see a lot of fold grime.
Replaced sponge bar, inspected all needs, polished and visually chcked. Also checked all needles in action (see my video on a full-bed knitting) to make sure the needles not just looked good but also functioned well.