After some reading, I took a (slightly) more educated look at the condition of the parts. The score motor and continuous stepper (not sure what feature it is for yet) move freely, as do all the relays. So I believe all of the lower cabinet components are in fine shape. This weekend I'll actually fire it up with the backbox unplugged to at least verify that the score motor works, after checking the fuses are good. From what I've read, I assume that should work. The game can never reset/start because it will not receive any signals regarding that there are credits inserted nor that the score reels have reset to zero, but the game should turn on, and the score motor should spin, correct?
The continuous stepper in the backbox very sluggishly spins when manually activate it. I tested one score reel and couldn't get it to actually step (it spun and went back). The credit unit seems in better shape that the continuous stepper and could work on its own. The handful of relays are pretty rusted, in that some might free up over time, but one of them was frozen/rusted up completely. Overall I'll have to go through each backbox component one at a time, cleaning, strategically de-rusting, and lubricating them until they operate.
This being my first hands-on experience with fixing an EM machine, I am very impressed at the thought put into making the machine maintainable. Each component appears to have either a release latch or small pin that allows it to be removed for service (albeit its still connected by wires). In today's consumer-throw-away environment, its refreshing to see machines designed with the intent that they could be maintained long-term.