Well, it looks as if you have inherited a very fully-equipped machine-tool there.
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Screw-cutting :
You show the change-wheel guard buried under parts & accessories, but if you are lucky it will (as mine does) contain the chart for Imperial and Metric threads, plus fine feeds, covered by the standard change-wheel set.
You cab obtain a 63T wheel for the Myford, which also helps cut metric threads, with a small pitch error usually not important over a short distance.
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Cleaning:
As others say, be careful with cleaning rust from bearing surfaces like the various slide-ways. I'd use a brass wire-brush on delicate areas, to remove the loose rust. Then ordinary cloth, oil and lots of elbow-grease.
Someone on another thread recently advised against using abrasive sponge-type pads on such surfaces as these can contain silica (sand, basically), a very hard abrasive likely to remain trapped in crevices or to embed itself into cast-iron surfaces to turn them into laps. As bad as using wet-&-dry!
The main parts of the lathe are of cast-iron with steel gibs and lead-screws.
Cast-iron is a bit more resistant to deep rusting than mild-steel, and the brass brush then rubbing the surface hard with a oily cloth may be sufficient to remove the surface rust, leaving a slightly pitted, patinated but serviceable surface that will slowly restore itself in use.
I recently used a water-soluble de-rusting material called Restore from Arc Euro, to clean my tailstock drilling attachment (a modern version of that in your set). It had been quietly rusting in its box on the shelf! I don't know what Restore is chemically, but it does not seem to build up the surface as Swarf Mostly warns some rust-removers will. It leaves a grey finish that I polished very lightly back with fine steel-wool then oily cloth – I did dismantle the device for the process. I have not yet tried Restore on cast-iron though, only mild-steel, so proceed with caution.
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On dismantling –
As others say… DON'T! Not the machine itself anyway.
Smaller assemblies maybe, and then dismantle, clean and re-assemble one at a time completely. Note carefully the proper locations of parts with ambiguous locations such as chuck-jaws, as their matching numbers might not now be legible. I would be tempted not to dismantle chucks further than removing the jaws unless they really are bunged up with muck and congealed oil.
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It will be good to see this lathe and its accessories back in service – a worthy tribute to your grandfather!