Fixing Up A Standard Modern 1340 Lathe

Thank you. I'm afraid I haven't made anymore progress yet. I have been super busy at work. The lathe came off of a Navy ship before it spent 2 years in a manufacturing maintenance shop, so I'm sure it was scheduled maintenance to slap a coat of paint on it.
 
I've got 5 of these in my shop at school. These have been good machines for us. Have been used daily for around 22 years. I'd love to have on at my home shop.
 
Hey everyone, I've picked this project back up. I've purchased a VFD for this, and also a new rpm plate from leblond, and I'm getting a new thread chart plate custom laser etched. Here is where I am at. I decided to strip the headstock, gearbox, tailstock, and the leadscrew bushing block. I'm just going to clean and paint the rest. I figure that anything with moving parts should be stripped and the rest will be fine to just get cleaned and painted.20160424_180107.jpg
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The knobs still need some cleaning, but it's coming along.

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VFD mounted, but not hooked up yet. I'm also still waiting on the Spindle RPM plate to get to me.

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