Volumes have been written about restoring old wheels. It has quickly become my hobby and I advise going VERY slowly before proceeding further. Google is your friend.
First, find a spinner - someone with experience with antique wheels and a working knowledge of wheel mechanics. There are oftentimes quiet little groups of fiber artists known as "Guilds" that can be of much more help than a local yarn store.
Then, have that person look at your wheel and let them ascertain its "restorability" and whether or not it is actually a "spinner". Many old wheels are just too far gone and there may be some aspect of their current condition that make them too costly to repair, i.e. warped drive wheel. Just because it HAS spun in the past does NOT mean it can still function as a spinner.
Then, CLEAN and restore that wheel and when it is clean, restored, and well-tuned and fully operational, LEARN to spin.
Don't get in a hurry.
It is an ongoing process.
Educate yourself.
Be careful when proceeding with repairs like adding hooks to the flyer arm because some are missing. Oftentimes they are missing because the wood is split beneath them and adding MORE hooks will only split them further. When restoring an old wheel, remember "First, DO NO HARM." I spin on several old wheels that are missing hooks and it is not a real problem that effects "function"- it can be purely an aesthetic concern. Also, remember that the balance of the weight along the flyer arms is the important thing for function.
The drive BAND moves the Mother of All closer to or further away from the DRIVE wheel and that is what determines the TENSION of the drive band and that in turn determines how aggressively the bobbin/flyer takes up yarn. SPEED is only adjusted by how fast you treadle - and treadling VERY VERY slowly is important.
The drive band is placed on the wheel in a figure eight. Ignore the part about the polyurethane drive band - that is NOT for old wheels.
The CPW Lovers Group on ravelry is the best group for wheel restorations I have found.
If I can be of further help, please let me know.