I tackled this today. Disassembled the headstock and cleaned most of the small parts using mineral spirits. LOTS of grime!
Some pics and notes:
One thing I discovered is that this lathe does in fact have a power feed. That's what the three gears to the far left are for; there is a small lever to the right of those gears that engage the power feed. An experienced machinist would have figured this out immediately. I'm not one of those. (Originally, before I'd had time to investigate, I thought those gears were simply stored on the side and were manually swapped out with the main gears to change speeds.)
I don't have a good picture of it, but the 3-way V-belt pulley on the main shaft is neither press-fit nor keyed to the shaft. It actually would, normally, free rotate around the shaft.
Left side of the headstock, showing the power feed gears.
Shot of the main shaft and clutch (?) shaft with the top cover removed (the part askew to the right). The clutch's shaft had to be tapped out with a pin punch before the main shaft could be removed. Note that the main shaft runs inside a brass bushing, not a bearing. Is this another sign of advanced age, or is this typical of lathes in this size? I confess I'm surprised by this.