However, something unexpected is the offer of a brand-new spindle which would restore my lathe to the original functionality. I’m back to the original question – other than fitting up the spindle to the existing shells, is there any other consideration?
If you have the skills, or the ability to develop them quickly, and a nice little curved three-sided or half-round scraper, you should be able to scrape the old white metal to suit then insert the shims for a bit of clearance for oil. Other than that, changeover is very straightforward.
Remove the extraneous guff like belt guard etc and take off the two top bearing caps and lift the spindle out. Gear on the end is held by a small grub screw. With that and the thrust bearing removed, spindle should tap out of the bull gear and job’s done. Assembly, as the Haines Book of Lies always says, is the reverse of disassembly.
Well worth putting a new belt on while you have the spindle out.