What grit of Timesaver brand lapping compound should I use?

A bit of work with files and sand paper can tune it up.

Clean all of the mating surfaces then with a Sharpie paint them and slide them together and then examine the surfaces.

Where ink gone it is rubbing and ink left not.

Careful work over time will improve it.

Lapping will ruin it.

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First, you should explore where in the travel is tight, and what shape your ways actually are.
One quick technique is to pull the gib, clean the faces and sharpie one side. Install the mating part (staying away from the sharpie). Slide the two parts together over their full travel, and remove without touching the sharpie. Look for where the sharpie is removed...
If you've got a high spot in the middle You could put a strip of PSA lapping film (or fine sandpaper) on the straighter side. Trim it off flush. A few strokes with lube and cleaning off the film could help pull down the high spot. You would want to handle it to control rocking too. It wouldn't be crazy to install the gib, assuming there was enough clearance; that would keep it from rocking. Look at the pattern! Dont try to go all the way at once! Pull the film off and re-spot with sharpie.
You could also alternate which side has film...

High on the ends would be tougher but could be addressed the same way, and tapered would be the worst. You can look for taper by putting two round pieces (ideally dowel pins, but drill shanks could work) and checking the measurement across them over the length of the part.

Anyway, that's some thoughts based on your constraints.

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To answer your question, YES, Littlemachineshop.com sells improved Brass Gibs for the 7X12/14/16 lathes. They are a step up from the steel gibs which come with the lathes. They aren't priced too terribly high ($33.60). They seem to improve the smoothness and reduce the amount of force required to turn the handle, for a given amount of tightness.

They sell the brass gibs for both the cross feed and the compound.

Brass Gibs for 7 by 12/14/16 lathes
 
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