Ah, I forgot to respond! Yes, I loosened the head bolts. It still wouldn't move up, but down was now possible. There was some rust - I cleaned it off, and then oiled the column and the rack.
I then moved the head all the way up, cleaned off the bottom part of the column, and oiled it. Everything moves so smoothly, it makes it feel like the head weighs practically nothing now!
Thanks so much for everyone's help! Hopefully someone new who inherits this machine finds this thread someday and realizes that, while the instinct to not touch the big bolts on something you know is heavy is probably smart - in this case, it's exactly what you should do!