Update #2
It has been too cold outside to sandblast the base and column, so I've been working on cleaning and inspecting things. If you are not intimately familiar with this machine here is a drawing of the moving parts from the parts manual.
As I mentioned the spindle bearings are in good shape, so I'll be retaining them. These bearings and races sit in bearing houses that are pressed in the column casting. The lubrication chart above indicates they are to be lubricated with bearing grease but I'm not quite how that is to be done. There are 3 holes in each housing but on mine the holes were completely full of a hard material, not sure what it was. I cleaned these holes and used a punch in each hole to push the races out. I decided I would tap each for 1/4-28 and install grease zerks. This should make it easy to grease after it is assembled. The grooves you see in the back of the housings I believe are called "Labyrinth seals".
Here is the spindle assembly cleaned ready to go be re-assembled. The pulley is not shown. You can see a grease zerk in the front bearing housing.
Here is the counter shaft parts ready to go back together. Since I'll not be using the mechanical speed adjust mechanism and installing a VFD, I'll need to change one or more of the pulleys to get an adequate top speed on the spindle. The original Vernon documentation calls for a top spindle speed of 1100 RPM so I'll try to get somewhere near that. With the VFD I'll be able to adjust for any speed up to that.
I've spent quite a bit of time accessing the condition of the ways. I can see oil flaking on most of them, but I don't know if it is original or did someone add them at some point during its near 80-year life. Using my surface plate, straight edge, machinist square etc. I've determined the worse wear is about .0015 to .0020 over any length of travel. For my intended use as a hobby machine, I think I can live with this, at least for now. If I find it is an issue after I start using the machine, I may do something about it. It is not easy or cheap to resurface dovetails and once you do it you have to deal with the proper alignment of the leadscrews, just adding to the complexity.
Everything else has been bagged and tagged. I've started working the leadscrews, hand cranks, etc. and will have update on those next.
Happy Holidays.
Jim