Congratulations - that's a very fine purchase! The VCM163 is just such a good tester, easy to use and comprehensive. Even if it is rather large!
The VCM163 is pretty robust. The meters are usually fine, but can get a bit sticky with age if the VCM has been stored in a damp environment. One small trick is to only move the thumbwheels towards you. In other words make them go 9,8,7,6,5,etc. This makes sure that the small switch fingers inside the thumbwheels are never forced in reverse (they are not symmetrical). And move them gently.
There are useful threads here on VRR re faults: http://www.vintage-radio.net/forum/show ... hp?t=53598
and http://www.vintage-radio.net/forum/show ... ght=vcm163
I suggest you lubricate the switches, make sure everything moves easily then power it up and see what you get! You might have to replace some of the caps inside, especially the reservoir cap used for rectifier testing. But I had an un-restored VCM163 for some years and it worked well once I had cured a stupid trapped wire fault.
Good luck and well done.