Last week I bought a lathe off Craig's list. It was listed as like new and it certainly was. I spend the weekend going over it and trying to read up on it. It's a type 2. It appears factory grease all over it except for the tops of the bed. The banjo and tail stock didn't want to slide very well unless loose. I took them back off. The bottom was quite rough on the banjo so I lapped the bottom with a 600 diamond stone. It now slides very smooth. Next the tail stock. Very poorly milled.. I had to use a large file to gently remove a lot of the high spots and then lapped with the 600 stone. I then lightly lapped the top of the bed and removed some burrs along the edges. I cleaned and oiled everything with 3 in 1 oil. My brother helped put the headstock on last Sat. The back won't allow me to take it back off to check for problems until I can get him back to help. I put the centers in the head and tail stock. They align perfect vertically. But when I lock the headstock down the headstock center tip drifts to the right by about 1/32" reguardless where I pre position it. Being a wood lathe is that acceptable?? Since this lathe has a Reeves pulley , something I never heard of, it seems it's only a matter time till it fails. I've read where it should be lubed with a stiff Silicone grease. I opened up the back of the head stock today and the lube appears dry. The only thing in the manual is how to change belts. I was thinking of taking the parts off and lube under the moving part of each pulley. Is this the right approach??? Does/will the Silicone grease collect dust?? What else would you suggest I do. ?? When the cover came off there was only a little black dust, I guess from the belt. I haven't turned this thing on yet so would like to hear it run. Along with the lathe I got a SuperNova 2 chuck. It was also new. At first I'd like to get set up to do some small spindles. and then see where to go from there. I'd appreciate any and all suggestions. Thanks, Ray