Have you tackled this project yet? Do you have the manual or (better yet) a service manual for it? My experience with successful sewing machine repair is limited to treadles and simple electric machines, but my thought is that if it's the needlebar, you'll have to make very sure the timing is correct afterwards, and I think sergers are more complex than ordinary sewing machines in this way. Personally, I would try, but expect the worse. But it's already broken, so why not try?