Can't speak for your machine but I had a Grizzly for six years and used much with no problems. In that time it went through four belts and one of those was defective, not the machines fault. I finally sold it to a professional turner who has sent me, not one, but two handwritten letters thanking me for selling it to him. In use it required minimal maintenance. I think I only used WD-40 on the shaft a few times for lube and cleaned occasionally. I'm surmising the Reeves system is not the problem with your lathe but other factors might be at work. From your post I'm guessing maybe over lubeing. But, dunno really. Good luck.
"Folks is funny critters."
Think for yourselves and let others enjoy the privilege to do so, too. ~Voltaire