At the suggestion of Brian over at VM, I've written to Keith Rucker to get his take on getting the ways repaired. As I commented to him, even if I spend a grand getting the bed redone, I couldn't likely find a better machine for twice that. I've seen some worn-out 9As and Atlas/Craftsman 12s locally for $1500-2000, and refurbished South Bends go upwards of $5k.
It does have a motor, albeit 3-phase. I work as a maintenance electrician in a plant with older equipment, and we have some decommissioned 3-phase 1- and 2-hp VFDs I could go through to liberate one. Easier and cheaper than getting a single-phase motor from Harbor Freight.
Right now, I'm just going to blow the paint off the lathe and clean things up a bit at a time. I know the oiling system is kaput, so in the hopes of positive outcomes I am going to plunk down the change to get the felting kit and book on ebay. I have a compound rest coming to me in the mail, should be here tomorrow. I'm just going to pick up a cheap 250-100 AXA on Amazon or ebay and a set of cutters, and see what happens. Worst case, Keith says let it go, and I part it out. If prices on ebay are any indication, I should be able to recoup what I paid and then some, and can put that toward something else.