Welcome to the forum!

You have a nice engine there. First thing to do is to clean and lubricate it. Use Naphtha to clean all the wheels, and rollers of any dirt and gunk. Use the Labelle kit to oil the wheel bearings and grease the gears.
https://labelle-lubricants.com/shop/kit-with-one-each-102106-and-107-for-ho-o-s-lionel-and-lgb-garden-railway-size-trains/

You will need '0' gauge tubular track to run it on. Tinman has refurbished '0' gauge tubular track,

or you can buy new production from Menard's.

A good new starter transformer is the Lionel CW-80, or if you plan on expanding your empire, some golden oldies like the postwar KW or ZW will power up a nice sized layout.

Accessories - look for them at auction sites - there are dozens of them.


Larry