Yeah, I already had to talk myself out of stripping it down for a full rebuild. I am going to use it, not look at it. The paint only needs to be good enough to prevent rust. I think I'll try to power it up and get a feel for the condition of the motor and spindle bearings. I suspect a belt will break under much load, but that's a maintenance part.
There's no oiling system, just places to put oil. How can I verify they get oil where it needs to be? There's an oil cup up top for the spindle. I don't have the proper oil for it yet, but I will order some. The spindle does have a good amount of oil on it, so I suspect it is fine. The zerks have been greased, but I will pull them and clean them out so I can use way oil.