Doesn't it rather depend on other factors – including how fast you run the lathe, how well you lubricate it and how heavy the work pieces you fit in the chuck are. The most important being the quality of lubrication.
What matters is not exceeding the PV value for your bearing which is calculated as the product of pressure and velocity and a low maximum for plain bronzes is 35,000.
Assuming a lathe top speed of 1000 rpm and bush diameter of about 1 1/4" then the maximum surface speed is about 350 feet per minute.
That gives a conservative maximum pressure loading for the bearing of 100 psi, now you must have at least a few square inches of bearing area in an ML7, so a 300lb load seems reasonable.
As JW1 says cutting forces will greatly exceed 5kg/11lbs, perhaps by a factor of 10 or twenty, but even so I would say that as long as you ensure the bearing is always well lubricated you will be fine.
Naturally, on startup you will be getting more wear before proper lubricating conditions are established, but I assume you aren't talking endless stop-start six days a week.
Neil