It's something I need to look at as well..... I just plugged my lathe in when I got it, & have been using it ever since as-is; but there's some crunched gears in the headstock, the brake doesn't work, it turns a taper unless I'm watching like a hawk, and I am currently getting hideous vibrations if I try to part off anything harder than wet spaghetti...
So, get it done man! So I can learn from you & therefore make a good job of mine!