If you are a newbie, and not familiar with with machine tools, or engineering; the first advice about stripping the machine is
DON'T You could do more harm than good.
The next bit of advice is: Find a Model Engineering Club near you, and join.
This will let you meet folk with a lot of knowledge who can help you, face to face.
Where are you located?
At the risk of telling you what you already know (DO look at the Lathes UK website for more info )
The original colour was described, according to Lathes UK, as Vomit Green!
On all but the very early models, the Headstock is bolted to the bed, rather than being cast in.
Being a ML2 the centre height is 3 1/8 " The mandrel thread is 7/8 BSW (9 tpi ) The later ML3 and ML4 had 3 1/2 centre height like the later (1947 ) 7 Series machines. Later, the mandrel thread changed to 7/8 x 12 tpi and eventually to 1 1/8 x 12 tpi as used on the 7 Series.
The leadscrew pitch is 8 tpi
All threads will be Whit form, either BSW or BSF Gib strip screws may be BA threads
Headstock and Tailstock are both 1 MT.
It may be worth making, or getting someone to make for you, an adaptor from the 7/8 x 9tpi mandrel thread to a 1 1/8 x 12 tpi thread. This is the "standard" for later Myfords. In this way you will easily be able get any extra chucks / backplates which will fit,.
It is unlikely that there will be any seals for the plain bearings in the headstock.
Back gear is engaged by a lever on the far side of the headstock, behind the chuck. Do NOT forget to slacken / remove the grubscrew in the pulley when you do this, and to retighten it when back gear has bee disengaged.
Do NOT engage back gear when trying to remove chuck, even if it is tight. You will damage the gears!
If you have a complete set of changewheels, try to acquire a couple more 20T and another 60T. With three 20T and two 60T gears and the 65T you can set up a train to give a power fine feed of 0.0043"/rev.
Standard changewheels from the later 7 Series will fit, but they will need a hole to be drilled partially through, to take the 3/32" pins which connect gears to the driving collars and to compound gears. together.
PM me if you want to know what the set up is. For travel towards the chuck, you will need two compound idlers
I very much doubt if you could easily fit a QCTP to it. In any case, the total set up is likely to cost as much as you paid for the lathe!
Ditto for fitting a VFD. Both sound like a bit of an overkill for such and old and small machine. (It is nearly eighty years old, even if fully equipped and in reasonable condition )
You will already have found out that the Saddle traverse works in the opposite direct to what you would expect., clockwise rotation brings the saddle towards the chuck. The 80 graduations on the handwheels for the Cross and Top slides are not 0.001" each, because the leadscrews for these are 12 tpi! (0.0014" actually).
DEfinitely recommend a Tangential Turning Tool. At least two designs have been shown in npastb Issues of M E W for makingb at home, or you can buy from Eccentric Engineering. Lots of us swear by them. One tool will turn or face. Ideally, you should make a Centre Height Gauge. It will make tool setting so much easier,.
PM me if you want a picture of one, and how to arrive at the correct setting.
Do check that the centre in the Headstock and in the Tailstock coincide. If they don't the tailstock needs to be adjusted until they do. Otherwise you will have problems drilling, reaming, ot cuttingb threads with a Tap or Die.
On the subject of thread cutting with taps and Dies, it would be worth making a mandrel handle, so that you can rotate the Mandrel by hand. It makes threading up to a shoulder much easier, and can save a lot of hard work for the motor in certain circumstances,
That should be quite enough to confuse you for a while
Howard