Cleaned and lubricated, including resurfacing the commutator and brushes and adding fresh grease. It is in working condition, a modern drill would probably be the better for actually getting stuff done, this is more of a collector item and for the novelty of having a well built tool that still works after 70+ years. Body is made of aluminum, I did clean and shine it somewhat, was considering polishing to a mirror shine but decided not to because I'm sure there are people that believe it would remove too much of its character.
Black & Decker originally only made electric drills that were just for industrial use but due to demand they eventually released a home use version during WWII in the 40s. Even though they only had a single speed and no reverse, they were very dependable and so remained unchanged up until the 80s when they started making them out of plastic. During its long production time, B&D release many different attachments that could convert these drills into other tools, such as: jigsaw, circular saw, sander, hedge trimmer, just to name a few.
here's a link to an article that describes some of the history of this tool model and shows some of those optional attachments: https://workingbyhand.wordpress.com/2019/08/25/a-black-decker-space-age-drill/