Hi there, Night Stalker,
Welcome to Mad Modders.
I agree with Bill, don't start by reducing your lathe to a heap of bits!
Psychologically, it's better to use it first, even if only for a series of exploratory operations and test pieces. That way, you'll discover for real what, if any, are its defects and with what priorities they should be addressed. And you'll have confidence, inside, that you and the lathe really can make stuff. I've seen lots of listings on eBay of lathes in bits - I believe that their owners' first flush of enthusiasm often fails to carry them on to the reassembly stage!!!
Of course, you'll need to make sure that the lathe turns over without any seizures or grinding or clonks! So gently by hand before applying motor power. Then you could clean the bed to remove dust and grease, you could also, early on, level the bed. If there's rust on the bed, don't panic, a thou of iron/steel makes 13 thou of rust so it usually looks worse than it really is. Lots of the Modders here have experience of dealing with rust and will be very pleased to advise if necessary.
By the way, full marks for the size of your photos on this thread, your picture of the car on your Introductions thread is too large and lumbers the viewer with too much scrolling this way and that!! Please do visit the 'Gallery' department and see the advice there about sizing photos. Fast Stone Resizer (free) recommended there is very easy to use.