I cleaned up all the rust, the orange stuff pretty much wiped off with a soaking of WD40, and I am surprised at how smooth the bearings are after repeated blasts of WD40 and carb cleaner. I think I'll do like 'fumes says and put it together and run it. There's a tapered roller bearing on the business end of the spindle that I just packed with grease. I'm going to get all the old grease out of the bearings, regrease and then run them. I'll buy some new bearings to keep on hand, but I wanna see this thing run, like the rest of you. I need to give it a little more work with steel wool and elbow grease, and then put a cord on it. It's a three phase motor, so I'm going to see if it will start on a static phase convertor on my lathe. I'll post some pics as I go.