Apologies for the confusion.
Moral: At ny age should not rely on memory!
But the Loughborough is a lovely little machine.
Probably a new capacitor (Likely to be less than a tenner) should cure the starting problem (A friend, for years started his Myford ML4 by pulling the belt round to start it, rather than fit a new capacitor!)
Once cleaned and set up you will be able to do a LOT of good work on it.
As part of the learning process, use it to make tools, such a sliding Tailstock Die Holder, and use a drill chuck, fixed to a piece of bar, as a sliding Tailstock Tap Holder.
Simple, but useful and a good way of gaining experience and confidence.
If there isn’t a 4 jaw independent chuck with it, it will be worth getting one. They can be VERY useful; but you will need to make up a unoque backplate to mount a nodern Metric dimensioned chuck to the Imperial spindle. For this you will need to find someone to cut the Imperial thread. The rest of the work you can do on the Loughborough
You will need at least one DTI and a magnetic base for setting up the lathe, anyway, and later it will be used to set work in the 4 jaw.
You will now have the capability to do all sorts of jobs that previouysly would have seemed impossible.
Howard