not a huge amount of progress as work is taking up all my time and I have a job interview to prepare for next week. But, as a way of keeping my sanity, I've been doing little bits'n'pieces every hour or so of work. Got my new power supply set up and it's the bomb - way more effective electrolysis than before. Tail stock and steady rest have been derusted/ degunked down to bare metal and primed, most of the hardware has been cleaned up and I'll start with the top coats tomorrow when it warms up a bit - pics to come! It's funny, I originally promised myself that I'd only clean and oil this lathe as I have little spare time (and lots of things I want to do with this!) but I'm really enjoying the whole caboodle.
Jim - I found out why that ring was welded/ brazed onto the steady. One of the finger slots had a crack running the length of one side at the bottom (dropped perhaps?) so although the steady wasn't cracked all the way through, presumably whoever fixed it brazed the crack and added the ring for good measure.