Weclome to my world!
Congrats on the new addition.
I'd use something a bit less "fragrant" than PineSol. Wipe down new appliances upon arrival with a solution made from hospital grade disinfectant cleaner and water (you don't know where they've been, do you?). Then dry with a soft old terry towel.
CR back in the 1950's gave both "under roll" ironers (Bendix and Ironrite at that time were the only two that used this design) consistent high marks. This lasted for the entire period they reviewed ironers, which one thinks stopped by the late 1950's or certainly early 1960's.
If you have a sewing machine making a new roller cover (unbleached muslin is good, but some use linen), is very easy. They are nothing more than a width of material slightly wider than roller with a drawstring seam on each end. You can also simply just wind a length of muslin around the roller; not exactly pretty, but will get the job done until something better arrives.
The knitted cotton padding must *NOT* be washed, ever! If it has compacted down and or has a whiff you can unroll and hang outside on clothesline (windy day is best). That and or pop into dryer on "Air Fluff" cycle for several minutes.
Bendix recognized the benefits of under roll heated ironers (most all commercial versions have used this principle for ages), but had to get around Ironrite's patents. This meant not suspending the shoe in center/back, but from one side among other differences.
Am not surprised you got the thing for such a good price. The only ironers have seen go for anything like dear money are the modern Miele versions. Others practically at give away prices, with still often no takers.
Then you have people like this:
http://www.ebay.com/itm/Antique-Vin...498271?hash=item1c76ef99df:g:P1gAAOSwB09YJpgr