As far as cleaning it up, it depends to what degree you plan to take it. I would at minimum change the headstock oil and clean up the ways and the gear train for the feed.
Fine Scotch brite pads work well but go easy. It is abrasive after all so you don't want to go overboard . Just enough to remove any light rust or tarnishing. I used LPS with the pads to aid cutting action and reduce dusting. Thoroughly clean the abrasive grit afterwards.
For me "Cleaning it up" ended up taking a good 4-6 months of painstaking work. Every part with the exception of the headstock internals worked over with chemicals ranging from wd40, LPS, simple green, wire brushes, scotch brite, soap and hot water, dental picks, stones, rags, towels you name it. In the end I feel it was worth the effort.
You may or may not want to take it to that extreme. Btw I see you got a steady rest too! Nice bonus since many seem to be missing.