Fowler & Martin, … I doubled checked the oil usage at the right hand side of the counter shaft bearing once more. With the motor belt at on the low speed pulleys the oil tends to remain in the joint ( and the oil cup ) as once would hope. When the motor belt is placed on the high speed pullets then the oil starts weeping away from that right hand shaft bushing at an amazing rate… empties the oil cup in less than twenty or thirty seconds.
I know that the Oilite bushings being porous retain oil within, but should I be concerned at this great rate of oil loss?
A related question: If the oil loss is this fast when using the high speed range, how long would you estimate that I could safely run the counter shaft at high speed before needing to give it another shot of oil?
About the squeal – that was entirely due to the motor belt being too slack. The squeal came from the pulley slipping within the belt during high speed start-up. Once the belt was properly tightened the squeal disappeared.
Chris, … great suggestion about using that little piece of cloth between oil gun and nipple. The oil gun now seals properly when applied to the nipples….
… of course, the silly oil gun still leaks all over the place from its own seals so that my hands probably get more oil than the lathe.