I started by taking it apart....everything. The spindle is a hardened steel tapered OD affair, and it fits into a tapered bore on the Cast iron housing. A fitting ring adjusts the depth of engagement, and it's ground at the factory. A simple nut with a lock key takes it off....it needed a bit of brass and a mallet as it's a press fit but not real heavy.
I put all the small parts into a paint pale with mineral spirits to clean them....the big parts when right into Evaporust. I left them for 2 days.
When I took them out of the solution, the rust was gone....but the paint had a rusty hue. I surmised that years of cutting oil and very small chips had coated the Hamerite (spelling?) and that was showing....so I got my pail of Simple great out and large tooth brush and scrubbed them down. That and a few rinses in the simple green solved that problem....paint actually looks really good!
I then took the small parts and put them in Evaporust and cleaned them up....that was very uneventful.
Its missing one pivot bolt for the lever collet closer, but it's simply a modified bolt, so I'll get one the appropriate size and length and make one
Then it's back together. spindle first and adjust, then the rest....pretty easy....The little woodruff key is a right little pain as it fits the index ring VERY tightly...I needed to stone it a bit to get it back together....
I'll be doing the same thing on my little Gorton Grinder as well....already have the collets cleaned up ( Rivett 4NS....full set)....
Then a few other tools I want sorted out.....It's good to make progress......