I disassembled deeper into the head and stumbled into a known issue with these bridgeport type heads. For the high speed range there are two hubs that mesh together to turn the spindle.
These hubs have wedge shaped teeth that interlock. They wear over time, the fit becoming loose. There's an adjuster on the speed range shift lever for this. It basically raises the splined gear hub up farther into the pulley hub to take up the slop. Rinse and repeat.
Eventually they wear to the point of bottoming out in one another with no adjustment left. From there they get looser and sloppier and if you don't replace them they start taking out other parts of the head as they self destruct.
The good news, while I'm close to bottoming out and my hubs are close to end of life, they are still tight, just barely. I could maybe squeeze another .005 of adjustment. The bad news is while you can buy new hubs for Bridgeports and clones all over the internet, nobody makes the oversized hubs on this mill. I'm assuming larger due to the mills size and 5hp.
So when the day comes that these need to be replaced, I'll have to buy a whole new head. I'm considering doing that now. Buying a new bolt on head has a bunch of advantages.
First it's brand new, zero wear. They make direct drive VFD inverter versions of the heads. I could get parts for it unlike this 1996 head. New motor vs the 1996 motor. Maybe 1/3 of the cost of the new head I'd be paying for a VFD, motor and related bits that come with a new head. So something to consider.
For now I'm moving forward with the existing head.