Welcome Ralph.
As others say don't rush to start pulling the lathe apart for regrinding.. At the end, you may not be able to reassemble it to the same level of precision and accuracy as when it left the factory. Notwithstanding what folk say about Chinese lathes, the factory have more experience than you of building lathes!
Yes, some fine tuning can benefit a machine, but major surgery is for the experienced, skilled and very well equipped.
Rust pitting may not be nice, but unless it really affects the machine performance, is best left alone.. other than possibly treating with phosphoric or citric acid. It might even then be a benefit in holding oil to lubricate the ways and Saddle.
Mods and additions that will improve the mini lathe have been described in MEW by such folk as Alistair Sinclair, and Mike Cox.
Read their work, before you start pulling it apart.. Unless you are highly skilled in precision work, remember " If it ain't badly broke, don't fix it"
You do not want to be in the position of looking for parts, the shape, or number, of which you do not know, have, with their spring, flown into the far dark corners of the workshop. If you find them, will you know how put them back in the right order, and where they should be, IF you found all the parts?
Been there, done it, got the Tee shirts!
Once, I was brought a small ,lathe that some previous owner had "fixed". One of the tappings was now at an angle and pulling the Headstock out of square. Drilling out the offending hole and rebushing it solved the problem so that it once more turned parallel rather than tapered…
Howard