Welcome!
If you are going to strip and refurbish the lathe, do ensure that you have the equipment to do the job!
Worth taking a lot of measurements, and note how things are arranged, before taking it apart.
Calliper, (or mics) DRI and stand, and Thread gauges, (being an old English nachine, then threads will probably be BSW and BSF, with possibly BA for the gib adjusters.
If you haven’t got any, you might be in the market for Taps and Dies to tidy up threads, or to make new parts.
You will find backlash, with which you will have to live, for almost all the time, even after carefully setting the gibs.
If you go about it the wrong way, you could start with a grubby but reasonably accurate machine, and finish with a clean and bright but less accurate one.
A cautionary tale.
(A friend acquired an old Myford ML4 which had been stripped and rebuilt, but would no longer cut parallel. A stud had been cross threaded so that it pulled the headstock out of line. We had to make a jig, bush the hole, tidy up the stud, and realign the headstock, to restore accuracy)
If you suceed well, you may well improve the machine.
It may be old, but is still useable, especially if the chage wheels are still with it.
Hipefully, they will be in the cabinet, togerther with a 4 jaw independent chuck.
Eventually, you will find a need for a 4 jaw. If you don’t have one, you can buy a new suitably sized one, but will need to make a backplate so that it can be fitted to the lathe.
Now you should soon be starting on the project!
Howard