So, the sewing machine guy is fixing it for free! And it'll be done tomorrow!
Apparently, the problem is the capacitor, which has something to do with the motor. (And is apparently NOT a flux capacitator, surprise surprise?) My repair guy said that Husqvarnas of this era tend to have problems with them at some point in their life. When the capacitor goes out, it causes one of two things to happen: the Husqvarna starts smoking while not being used, or the machine starts to sew and won't stop, even when the peddle isn't being pressed. Which sort of sounds funny (runaway sewing machine!) but I'm sure would've made me just as upset as the whole smoke bit.
So, long story short, that purse will still get made. Tomorrow.