Well the scotch bright pads are abrasive by nature, which means scrubing the ways induces wear that reduces the accuracy of the ways, which in turn causes unwanted taper and variation in your dialed in depth of cut in when turning work. Most lathes of that era came out of the factory with something like .0005" or less of variation along the bed. Soooo, anything we do that contributes to wear, generally we want to avoid. The best approach is to use no abrasive pad whatsoever ever. Just wipe the ways down with Way Oil and a soft lint free rag. The way oil and rag will lift any foreign matter, including super fine metal shavings/dust. These show up as grey streaks on the rag. When you get no grey streaks on a clean part of the rag, you know the ways are clean. (This grey matter is a combination of minute metal scrapings scrubbed off the ways during contact with the cross slide, flash rust, dirt and dust floating in the air, and assorted small debris from making chips. basically sort of a powdered iron and steel slurry mixed with way oil. This stuff acts as an abrasive - grinding away at the accuracy of the flats and V surfaces of your ways as you move the cross slide back and forth. So getting rid of it now, AND each time you turn on your machine helps preserve the accuracy of your machine.)
Anyway, as you start rebuilding, here's a way to assess the condition of your ways. Sort of a first step...
Find (or borrow) a good straight edge and lay it atop your lathe bed. Turn off the lights in the shop and put a flashlight behind the straightedge. Look for any slivers of light between the straightedge and the ways. Heavily worn lathes will have measurable gap between the straight edge and the bed. Two of my lathes have really minimal wear - .003 to .005" -great for a hobbyist! One old, big iron machine, used as a production machine for the Canadian navy for 35 years, has as much as .018" gap, which causes noticable taper problems when I turn long work, such as axles.
So, All lathes have wear. It's unavoidable. So don't panic if you see a gap. Just stick a feeler gauge through the gap to find out how much wear you have and how much extent along the bed. You may be able to see a flash of blue, maybe green streak of light at the end of the gap. That is the beginning of any wear induced curvature in your ways. Finding that will help you determine what part of the lathe has seen wear- and help youmcompensate when leveling the lathe after you have it reassembled. BTW, wear is usually the worse right around the front of the chuck on the Forward left hand side of the bed -closest to where the operator normally stands.
Be interterested to know what you find out.
Glenn