Jet JBS-14 Bandsaw

My friend Jeff knows this lady who is selling off her husbands shop - it's been in storage for about 4 years and he won't be able to use them again. Anyway, we went over there at lunch, because Jeff wanted me to see the bandsaw - a 14" jet, engine has a date of 1984 on it. Looks good, a bit of rust, runs, a little noisy maybe (I'm not sure, having not used one much). well, we got the bandsaw, 7 blades - assorted thickness?, and Jeff got a nice looking dual wheel buffer on stand and a table top bench grinder - looks only so-so but runs quiet - total price = $125. My share for half the bandsaw - $41.00
is this a good bandsaw? or was i stupid to buy such an old tool?
Oh for you old tool fans, there was a large wooden box containing a cheap drill and a large metal-body power tool labeled STANLEY. It sort of looked like a straight drill, without a pistol type grip. and on top, near the working end, was a flat plate labeled GREASE. Can anybody tell me what it is?
Thanks Tom
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