Thanks for the advice David,
The wiring is going to be replaced it is very knackered I haven't opened the control box as of yet that is my job for today.
I plugged it in to see if it did run and sounded to be running smoothly with no nasty grinding noises but I only ran it for a few seconds.
I have a 2 1/4 HP treadmill motor complete with control board and digital control unit that will be going in it when everything is cleaned up.
Full treadmill cost me £10 from a guy in my street who had sheered a tension bolt.
With that fitted I will have variable speed capable of both higher and lower RPM with finer control over speed and 2 more ponies worth of torque.
In regards to the actual refurbishment of the lathe itself I was thinking WD40 for releasing nuts/bolts.
Most of them just needed a little nudge and are turning free well.
It took me about 5 mins to get the toolrest and tailstock running relatively free only catching on the patches of rust on the bed itself.
Any suggestions for getting the spur out with minimal hitting with knocking sticks?
In my last post I mentioned Squirrels nest in the bed, I know because mine had Squirrels living in it the bed was full of munched hazelnut shells and leaves. lol
As for paint I think I will decide once I'm happy everything is clean/free of crud and rust and working smoothly I just wanted to ask peoples opinion before a got slammed for not staying true to form.
Thanks again for all your help so far guys I'm sure I'll have more questions once I get stuck in.
I'm used to fixing cars/custom bikes/building PCs and designing games so restoring a lathe is a first for me.