That is a strong possibility, but as I originally mentioned getting it to face square was just one 'fix' of a bit of a mid-life refurbishment I'm planning for the lathe. I have other bits to replace (belts, bushes, some butchered gib screws, new oiling zorks, etc), will check and tighten up the spindel bearings (they have laminated shims for a adjusting for wear), probably give it a new coat of paint, etc. Being able to have the gibs nice and tight along the whole bed travel without binding up at the tailstock end would also be a nice fix.
I think the ML7 may be easier to fix in this regard as:
1. It has flat bead-ways so I only have to deal with vertical and horizontal surfaces, no triangular/pyramid ways.
2. The carriage is “narrow guide” so is held in alignment by only the front bed-way. The vertical surfaces on the rear bed-way are virtually untouched with the only contact being between the tailstock and the front of the rear bed-way. They are therefore good reference surfaces to true the other vertical surfaces up with.
The other option is to modify it to 'wide guide' by changing the carriage to run on the previously unused back bedway. This has been described in magazines so is documented to work. I'm thinking of that as a fallback position (so if heaven forbid I did something really wrong the lathe wouldn't necessarily be scrap).