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Before you do anything, you might want to take your stuff to a collector or a good hobby shop that deals in Lionel.
The old stuff can be worth some serious money, but a botched repair or restoration can ruin the value.
I wish I had had this advice 25 years ago before I "fixed" my old California Zephyr dome coach with some silver paint.
But if you don't care, you can do it yourself if you are somewhat handy. If it still runs, it probably just needs a good cleaning. Myself, I would take it into a train shop.
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"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." – C. S. Lewis
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