Hello Mark,
Re. the oiling points being small.
I give them a drop or two of SAE90 gearbox oil and then dribble some more along the ram slides, after cleaning away any debris. This can be a bit messy, but I'd prefer the slides to be well-lubricated than look immaculate and risk a 'dry' spot. I made some felt wipers for the ram at the table end and they help keep most of the oil where it needs to be.
You will need to ensure that the bull-wheel slide block and the 4 oilers above the motor also receive lubrication, together with the link arm pivot, through the slot in the top of the ram.
The VFD option is by far the best way to go, in my opinion.
Regards,
Brian