Hoover 541
I have a number of vacuum cleaners from that era, and ALL have been cleaned, and polished to a high gloss with two things. I start with Brasso to get the dirt, and tarnish off, then I let it dry before giving it a final once over with Mothers polish. My Kirby Vacuette (1917), Electrolux V (1924), as well as Electrolux LX (1952, and several others all shine like new.
Vacuum cleaners made back then were very easy to polish. The hardest part of the job is dismanteling and reasembling the parts.
If the lug nuts holding the bag ring to the cleaner are tight, try a shot of WD40, it works wonders.
Finaly let me stress that the cord is most likely opiginal, so DON'T wind it in a figure 8 pattern as it will add a lot of stress, also wind it LOOSELY!
The Hoover 541 was the first appliance to be made of magmesium, and was introduced around 1923.
You have a great machine, enjoy it.
Alex Taber.