A nice find! You have the correct attitude for renewing it. Complete tear-down...with photographs along the way of each assembly..and connector. Ooh, don't make my mistake of assembling the spindle into the headstock without first putting the drive-belt in place I have helped a few guys to rework such machines over the years. look bad but will be working long into the future. New you would be looking at USD$1800 for a similar new machine.

Good items are the link drive belts of this type available most all over the world, in that case you need not have the drive belt in place till you add the motor and then assemble the belt with lathe and motor in place.:
vibration-free-link-belt
~Richard