Dave is absolutely right.
If it ain't broke don't start fixing it!
With insufficient skill, knowledge and equipment, stripping a machine may change it from a reasonably precise item into something which is less accurate than when you started.
A friend bought an elderly lathe which had been stripped and "improved" by a previous owner. It would not cut parallel because a cross threaded stud was pulling the Headstock out of line. We had to bush the tapped hole so that the machine aligned correctly, and no longer cut an unwanted taper.
Older British and American machines will have been made to Imperial dimensions, and most of the threads will be Imperial, rather than Metric
Surprisingly, to me at any rate, not everyone realises the need for the tool to be mounted at centre height, and to have correct clearances.
Too low, there will be excessive front clearance.
Too high and the cutting edge will not be able to do much cutting, instead it will rub, generating heat but little or no swarf.
To prevent rubbing,a tool needs, for most purposes, to have front, and side clearances of about 5 – 10 degrees, and something similar for top rake. For soft materials, like brass, it is sometimes better to have no top rake, to minimise risk of dig ins.
For many years I have used my parting tool with no top rake, just side and front clearance, for this reason.
Excessive clearances weaken the cutting edge, and shorten tool life because of the lack of material to conduct heat away from the edge
A blunt or incorrectly ground tool will not cut well.. (A badly ground drill, if it cuts, will produce oversize holes. )
For some materials, usually tougher, or the more exotic, clearances have to be more specific to optimise the cut and finish. Ditto for speeds and feeds..
To machine mild steel, think in terms of 100 fpm (30 Mpm ), for a good finish feed should be about 0.004" /rev (0.1 mm/ rev )
No doubt others will disagree with some of this.
HSS steel will not cut hardened steel. For this carbide tools are needed
If there is slack in the bearings, or gibs or the chuck jaws are worh (Usually bell mouthed ) you will have difficulty in getting a good finish or accuracy. Similarly, tools need to be held as rigidly as possible, with minimal overhang from a solid, rigid toolpost.
As with measurements, rigidity is important. A light machine, under cutting loads, will deflect more than a heavy rigid one.. Which is why, light weight hobby machines cannot withstand operating at the speeds, feeds, and depths of cut of the very much more costly industrial ones.
Howard