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Congrats!
With a bit of TLC it will make a nice lathe. I have a Colchester student with the standard gear box, I like it but I sure wish I had the metric gear box like your. I started to look into an electronic lead screw.
I am glad parts are starting to loosen up. try not to move to much along the rusted surfaces. I once saw a lathe at an auction and everyone looking at it were trying to turn all the handles to see if it was seized or just to turn the handles. One guy travelled the whole length of the bed and after you could see a nice long fresh score. I hate it when people just use brute force on the handles to try to unseize parts, before even cleaning the surface and soaking them with solvent.
I like your low profile skate!
Hope all goes well with the restauration.
Cheers!