Sewing Thread Spool Pin Dropped Into Machine?

It's not true that you have to take it to a repair shop, at least not for my machine. My machine is model # 38517824090. I am NOT a professional mechanic or repair person, but I was able to fix this myself. The reason your spindle fell inside is because the rubber bushing that holds it gets old and decayed, and splits. Instructions to fix it follow.

**Take care to make sketches or cell phone photos of EVERYTHING and keep track of the screws so that you can put everything back the way it was!**
1. Remove the right side panel to the machine, (3 screws - 2 on bottom of the machine and 1 long one in the middle of the panel).
2. Once you remove the right side panel, you will see another screw in the upper right corner of the opening; remove it. That screw secures a small metal tab that in turn helps secure the machine top panel. If you can remove the metal tab easily, do so.
3. Next, open the left side panel of the machine. You will see two screws securing a long (1.5" X 0.5") piece of black metal. This is part of a larger metal tab which secures the top of the machine. (FYI, the plastic machine top panel has plastic "teeth" that go into the holes on those metal retaining brackets.) Remove those two screws. You can leave the left panel open.
4. On the top of the machine, there are two screws located in the trough where the handle folds down. Remove those two screws. Remember the metal tabs from the sides, so as not to allow them to fall inside the machine. Remove both those tabs at this time if you haven't already. Carefully remove the top of the machine.
5. Try to now retrieve your spindle and rubber bushing parts from the inside of the machine. If necessary, pick up the machine, and gently raise the left side so that those loose parts will fall out on the right, or will get close enough for you to see and remove them manually. In addition to the white rubber bushing, there is a small metal "snap pin" (similar to a cotter pin or bobby pin) that secures to the lower section of the bushing. It is possible that pin could be still attached to a piece of the bushing, or it could be loose inside the machine.
6. Go to www.searspartsdirect.com and put in the model number of your machine. Click on the "Base Assembly" diagram tab. Order the parts you need (the bushing is #10 ($4.88 ea), get two of them so you can replace both bushings, even if only one has failed. The pin is #14 ($4.13 ea), and you may not need them, but if they look corroded at all, I'd replace them. Consider ordering extras, especially the bushings.)
7. Once you get the parts, install the new bushings. They plug in from the top, and are secured with the pin once they are in place. (The pin clips into the groove that is cut into the side of the bushing's lower section).
8. Put everything back the way it was by reversing the above instructions. Good luck!

The bushing is no longer available for machine 385.1764180. Both of them dry rotted and fell apart. I'm thinking to try replacing it with the newer plastic combination thread holder and bushing combined.

Do you think that may work?