Got it back together yesterday (apron & controls) and played with it for a little bit, but still have some issues.
One is mostly operator error, I don't think I'm experienced enough to get along with that lantern tool post; with no adjustments other than a 360 radius everything else is about angle and shims.
Other is speed. I checked the RPMs this afternoon. My 'fast' speed is 83 rpm. Yes, that's right, 83.
Didn't bother to check the slower speeds...
Started looking at the pulley's, thought about stepping the motor up to a larger pulley, but while inspecting it I had would could be an excellent idea. As mentioned previously I cannot move the carriage all the way to the far left, it hits the pulley on the gear box. So I lose almost an 1 1/2" of travel there.
Looking at the setup I realize I could go to a smaller pulley at the gear box and gain ground in two areas, speed up the input to the gear box and allow clearance for the carriage for its full travel!
Measured it out, it had a 7" pulley in it, I would need a pulley no larger than 5.5", but 5" would be fine if I couldn't find it in 1/2 sizes. Looked around on line, didn't find what I needed, basically a flat stamped-steel pulley with no mounting hub. Got to looking at the old one thinking "that sure looks like something off an old tractor" and that gave me the idea; Tractor Supply Co! Needed some 20w oil anyway.
Tooled on down there and sure enough, a whole variety of plain stamped pulleys! Got a 5" for $10.
Pulled the old one, mocked up the new, gained my carriage travel back! The tool holder can now touch the chuck; something it had no prayer of before.
Tomorrow I drill, may have to pick up a transfer punch if I can't find one. Even if this doesn't increase my speed significantly it's still a needed fix and I can look to my motor pulley later if need be. I probably should check amperage draw while I'm playing with these pulleys, don't want to fry the motor. May be no concern, but better safe than on fire.