Sorry I can't be a lot of help on the bearing selection, except to say that IF (and yeah, that's a big if.... The dollars and cents thing in that department is real....), but IF you went with angular contact bearings, they are way more rigid than the internet as a whole gives them credit for, and a shielded pair (not sealed, sealed wants to go slow), but shielded angular contacts would outlast that lathe with the lubricant that's pre-installed. A simple felt (or goop) gasket and wiper on the covers would keep the big chunks out. They really are good, but cheap is not in their vocabulary.
Snip.......
At the moment there is no way other then to per-lube the bearing with Molly-grease before installation.
There's a lot of people all over the internet who swear that molly grease is the most amazing thing ever, and they might be right. But I wouldn't recommend it in this application. It's far better for "rough" things. Sintered metal parts, rusty old dump truck trunnion pins, and SLOW moving bearings, bushings, and such. Automotive CV joints love it (although it's a lower weight than you want). Heavy truck universal joints in the driveshaft love it. Tapered roller bearings, not so much... Grease isn't a good/better/best thing, it's an application thing. The "magic" that is in molly grease (molybdenum disulfide) is a solid lubricant. Great for filling voids on uneven, imperfect surfaces, but you don't want to lift roller bearings off of their races. If I recall, I think This Old Tony even half heartedly disclaimed that molly grease was all he had at the moment or something to that effect.
I'd suggest a lithium complex NLGI number two grease with a CG rating (preferably without the LB rating, but that's splitting hairs, CG-LB would do fine). You don't want EP, as you won't stress it enough to wake that feature up from it's nap, let alone put it to work. Save that space for more oil... Unless you figure out how to seal them. If you figure that out, a simple, hardly modified, R&O ammended circulating oil in there would be ideal. You wouldn't ever need to turn the lathe off, you could leave it run twenty four hours a day, seven days a week, and when those bearings wear out, your great, great grand kids will be too old to care if it ever gets fixed.
Really, oil is the ideal solution, but for practical reasons (just like wheel bearings in cars with that type), the best answer is to use a grease which will most closely emulate that. Your bearings will run cooler (set up properly, apples to apples of course), and rob less horsepower from your lathe.
Yeah, I know..... Oil discussions and the internet..... Bottom line truth of the matter- I have never run one of the lathes like or similar to what you have, but I was given a "take out" set of bearings, just for "science". I ended up using them to make a hand cranked hose reel. I can tell you this, regardless of what lube or lube mechanism you choose, even if it's inadequate in it's type and it's quantity... If you bought an off the shelf bearing from a name brand, IDENTICAL dimensions, type, style, and options to what you took out, you'd be light years ahead. Whatever parts and methods you decide on, I think you'll be happy with it.