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It would be a good idea for learn how to take these machines apart and clean out the bushings. I use Q-Tips and hydraulic oil to chean and lubricate them. You can be rest assured that when you dismantle the spindle there will be 30 years worth of nasty gunge packed in there. I prefer to use rubber O-Rings for belts and if you decide to go this route, you will have to learn how to disassemble and reassemble the lathe anyway. If you go to Youtube an bring up the watch repair channel, Mark Lovick has a video showing how to take the headstock assembly apart.