Machines of that vintage in my experience have at least a few blocked oilways, as well as the hardened oil and grease, which will result in the oil following the path of least resistance causing starvation in places. I regret to say that to do a proper job you must strip and clean it. I believe many oldtimers did this as a matter of course during the life of a machine.
The best cleaner that I've found is good old white spirit. Brass wire and nylon brushes, stainless steel swarrf style kitchen scrubbers, and a scraper made from copper tube. Scotchbrite contains abrasive so I avoid it. Poultices from tissue, spirit and eg foil are useful. Once degreased, beware flash rust. Consider using a small ultrasonic tank for ball races, though I never have. Good luck and have fun!