Hello James,
The ML2 & ML4 bearings were in two parts:
1. A thrust bearing behind the collar on the spindle nose, and
2. A pair of split bronze bushes in the headstock, with the spindle running in them.
I understand that the early ML1 & ML3 had the spindle running directly in the headstock, but I presume yours isn't one of those.
The thrust bearing consists of a pierced washer with ball bearings trapped in the piercings, running between two flat hardened washers. One of the hardened washers is visible behind the spindle collar; the rest is housed in a counterbore in the headstock. I turned the hardened washers over in mine to use the fresh surface on the other side. The balls were re-usable so I've not tried popping them out of their housings to replace them. End play can be adjusted with the threaded ring at the other end of the spindle – don't forget to slacken the grubscrew. If the ring is too stiff to turn, drop the grubscrew out and temporarily screw in a longer bolt to give good leverage. It avoids getting mole-grip marks on the ring.
The bronze bushes can be adjusted with the bolt which straddles the split in the front of the headstock casting, and I would strongly recommend using this adjustment to see if you can get the lathe good enough for your purposes. The bearings are very sensitive to this adjustment, and a tiny part of a turn is enough to go from too-sloppy to too-tight. Whatever you do, don't over tighten it or the casting will go snick! and your lathe will never be the same again (you wouldn't be the first).
If the bronze bushes are beyond adjustment, I imagine your only hope is to make new ones. Myfords still had them available in 1971 for less than a pound, but I fear they have sold them all by now. I've not had to do it, but would drive out the old ones using a shaped drift to avoid damage, make new (including oil grooves) and drive in. On second thoughts, I might make a puller with a shaped end piece and draw the bushes out and in with a biggish fine-threaded bolt through the middle. In a perfect world the bores of the new bushes would be slightly undersize, so they could then be line-bored in situ.
George