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As a person the rebuilt machines as a teenager:
I would use varsol and a brush, followed by a clean dry rag. Then paint it with a good machinery enamel. Lube the ways and oil any up unpainted/machined surfaces.
I would also check out the bearing clearances on the head, see how loose the ways are on the cross-slides, and see it the nuts on the screws are worn out. These machines should last you several lifetimes of occasional use.
Buy a phase converter to run them.
You should also know that we have about 15 of those where I work, we never clean or paint them. And they all work fine. Although they do have built in manually activated lube systems.
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