Hi Y C;
Very strange. I now have 2 Emco Compact 8s and both do not suffer the zinc/zamac issues you seem to have shown. Both have wear on the power drive idler pulley bearings, but nothing like you show. One is from 1976, the other from 1978, if I understand the serial number sequencing correctly.
As others have said, check out the UK emco dealer. It might be worth a direct email to them; they may have these parts from a scrapped lathe, or one or two new ones, kicking around.
I really like the Emco Compact 8, so I hope you get yours going again.
Also, both parts shown can be fabricated, but personally I'd purchase parts if available and spend my time doing what I wish to do.
Another JohnS.