Brian, I had that lathe, and it served me well. It did require pretty regular maintenance, and I tore it apart more times than I can remember. I'll answer in-line...
My revised questions are: a) Where is the best place to buy a spare belt?
I did some looking around, but couldn't find anyone else with a part number cross-referenced to either the Reeves belt (the big one) or the drive belt (the little one that's a pain to replace). There's a chance a good supply shop could find a match for the Reeves belt, but I think the drive belt will be harder to match because of the toothed design. So I bought all mine from Sears.
b) The split pulleys on my unit are really rusty, but NOT pitted as far as I can tell. After I clean them, what is the best way to prevent more corrosion?
I didn't have a rust problem with mine, but I suspect a good coat of wax would take care of things after you've de-rusted them. BTW, Evapo-Rust (available at Harbor Freight) would work great to remove the rust.
c) The shafts, which the pulleys ride on, give others a lot of trouble. Should I replace them? File them? Lubricate them, with what? [FYI, I have the Sears part numbers for these already, and the belt.
The day I bought this, I did plug it in, and put a knuckle against the spindle, which was not eccentric. So, I paid $200 for it, FOB Glendale.
I don't think you'll need to replace them, but you do want to clean then up real well and keep them lubed. I used graphite powder, which worked well until I'd let too much wood dust and belt crud accumulate on the shafts. Then I'd clean them again and re-lube.
BTW, you did good for $200. As I recall, I paid $330 for mine, and sold it almost a year later for $300. It more than paid for itself.
d) If anyone out there built a gear puller for this (needed to change belt), please give me a few pointers...
Here's a thread I posted a few years ago that shows how I did it. I'm not certain, but I might still have the parts for the all-thread spring release jig laying around the shop...
http://familywoodworking.org/forums/showthread.php?t=1386
Roughly whereabouts in Glendale are you? (You can send me a PM if you'd rather not post that info in public.) Maybe I could arrange to drop by and help you get things apart. (I'm just up the 2 freeway in Tujunga.)