Thanks for the likes ,guys, and I will see what I can do about a bigger picture for sure.
Mike,
I picked up a proper spanner and was able to put a preload on the bearings that allowed the play to go down to just under .0005 from .006 with the new chuck and a piece of cold rolled chucked up. Runout is a flicker on the dot. Swept the tailstock spindle with a coax and alignment is at .0005 though I haven't checked for taper just yet. Ran the machine per instructions in the manual (BIG thank you to you) and the headstock was warm to the touch after 15 minutes at high speed. I wasn't able to get them tight enough for the "spin the chuck hard by hand" and get one rotation, but it's about 1.5-2. I tightened up the belt to the recommended tension, and got the drive gears set properly as well.
The splash guard was damaged in the fall that it had (I am assuming a fall), and the handles on the tail stock, half nut, and high/low (s/r) gear selector had to be replaced...thanks to mcmaster Carr it was quite painless....I know, you have a lathe and you bought handles! Yes, I did. Not proud but I did.
The half nut lever was actually snapped off at the root and I had to mill a slot in the stub to get it out...this thing is built quite well to have taken a wack hard enough to break a 10mm shaft and only have a bent set screw in the apron. I have since threaded with the machine and the half nuts are perfectly smooth and engage/disengage with no issue.
Mike