That one is definitely on my 'to do' list. I shall be very interested in hearing of your progress especially your source for the bearings. I have completed a retractable top slide which has Georges larger free running lockable micrometer and find that (the micrometer) a great improvement. As GHT says in his book one of the Myfords shortcommings is the small size and friction adjust of the micrometers. Free running and positive locking is much better.
My Myford now has the Topslide mod as above, and a Meek Saddle Handwheel micrometer. I recently made Graham Meek's Tailstock micrometer too (pictures in my Album) so the cross slide would complete the set. I've never taken to DRO's on the lathe on the grounds that generally most sensor fittings get in the way and really don't add much to what good micrometers give you. I have to admit to being a bit of a traditionalist too. Mills are a different case and I don't think there is any argument against DRO's there.
I've build quite a lot of George's designs and admit to being quite a fan. There are always very good decriptions, often kit's of materials available and explanations of why the design was done in the way it was with interesting tips along the way.
I whole heartedly encourage you to proceed with your project , you will not be dissapointed.
regards Martin