Restore it, or to better phrase it, you just have some normal maintenance to do.
Weekend of your time, maybe a $100.00 to $150.00 in investment, and you're good for another 20 years.
The raise tilt mechanism gets gummed up with sawdust and grease. Generally it's just some deep cleaning and realigning and you're good to go.
Match mark all of the bolts and washers you take off as you go, and you'll be fine.
Once you get the internals out of the cabinet, hit it lightly with some 440 paper, and steel wool and use a rattle can rust inhibiting primer and paint on the internals.
Your motor is powerful enough to probably do 95%+ of all the woodworking you want to do. Unless you're ripping thick billets all day long, your motor is fine.
Don't be afraid to do a little preventative maintenance. It's easy.
"The first thing you need to know, will likely be the last thing you learn." (Unknown)