I had the same lathe and it hit the scrap yard about a 1 1/2 yrs after I bought it. Sears sent a repairman out 3 times and rebuilt it. Then getting parts for it was impossible. So I just bit the bullet and bought a Nova lathe. I am guessing like Vaughn said it is the reeves drive causing problems. I had mine apart more times than I cared to. When you lube it use a good graphite. Oil just collect dust.
Retirement: That’s when you return from work one day
and say, “Hi, Honey, I’m home – forever.”
To succeed in life, you need three things: a wishbone, a backbone and a funnybone.