Small steps. Got the oil pump out of the apron, replaced the felt filter in the bottom of the pump. The one that was in there was soaked through and covered with a layer of sludge. I had a sheet of felt that I had ordered from McMasterr some time ago. I just cut a circle with a utility knife. The pump has three layers of screening, a piece of felt at the bottom, a fine screen which you can see sitting next to the not-very-circular felt piece, and a course screen which I did not remove from the pump to it isn't seen here. The screens and felt are held in with a V shaped ring and a retaining ring.
The apron is a big casting, but the front face is an aluminum plate. I used a wire brush on an angle grinder to strip of grease and loose paint, the original green adhered fairly well and I prefer not to deal with the chemicals to prime aluminum, so I just painted over it like that after a couple of degreasing passes. Makes for a somewhat ugly paint job, but it matches the rest of the lathe.
This pump lubricates not only the apron, but also pumps oil through the carriage to lubricate the ways. So it is fairly important to the long term health of the ways. All three monarchs that I own use a similar arrangement, and the pump is relatively easy to access. The manual for this lathe specifies replacing the filter every 6 months, but that is for an industrial environment. I doubt I'll put equivalent time on the lathe in 6 years.
I think at this point I'm going to bolt the apron up to the carriage and try it out. Ideally I'd go through the carriage oil lines and make sure none of them are plugged up with sludge. Sometimes I find getting it working and seeing what else needs attention is better than trying to systematically go through everything, at least that keeps me interested in the work.