Personally, I’d just wipe that lathe down with mineral spirits and clean it. It’s really not that bad. That color grows on me after a while. And it’s in really nice shape. That is a very nice South Bend lathe.
I’d do the quick tear downs, clean any scarf and such. Check the bearings like you are doing. And then just level it and align tailstock. The lathe looks like it was very well cared for. I’m betting that lathe needs very little for it to be up and making chips. Even the bed looks great. There’s hardly any nicks from when the chuck slips out the hand and bangs against the bed.
I’d get a close match of paint and paint the tailstock and maybe the cross-slide. But I’d leave the rest alone. The pedestal and base looks pretty good in my opinion.
With my lathe, I only cleaned and painted the stuff which was rusted. I did the quick and easy stuff.
its presentable in my opinion. I’m not planning on entering it in a beauty contest.