Hi Hugh!
Some thoughts on possible causes of motor over heating.
Have you put light oil (say SAE 30 or so) into the bearings on the motor? If the lathe has not been used for 30 years the motor bearings will be dry. You should be able to see the oil caps.
A little while ago I was involved with a similar motor that stopped after ten minutes light use. The front bush was seizing to the shaft. There were no oil caps, just plugs screwed into the bearing housings. Fortunately the shaft was undamaged, so a new bush and topping up the oil to the felts feeding the front and rear bearings resulted in the motor running quietly without fuss.
30 year old oil will be just about solid (grease will solidify even earlier – do NOT use grease on plain bearings on your lathe!)
Oil every bearing and ensure that every bearing has fresh oil seeping out it.
Once you have a motor that runs without over heating (If its too hot to touch, then it is at least at 80C, and even hotter inside!), then as advised, connect the primary belt, but without the secondary belt from the countershaft, and run it to check for hot countershaft bearings. If this is OK after about 30 minutes, refit the secondary belt, and start to check for headstock bearings heating up. When you find that it starts to heat up again, the last item put into motion is the thing causing excessive load. That will be running hot as it disposes frictional load on the motor in the form of heat.
Page 29 of Ian Bradley's book, the Myford Series 7 Manual shows the Super 7 to have a tapered bearing in the Headstock, immediately behind the chuck. Ensure that the adjusting collar for Mandrel end float is not set so that there is zero endfloat, to preload this bush, If it is the bush/mandrel will bind. You want minimum endfloat, but not preloading!
Once all is well as far as the headstock, engage the tumbler gears, but with no change gears in mesh.
If all is well, fit one change gear and run. When that is all O.K. then mesh the change gear with another on the leadscrew and run (Does not matter what gears you use (unless one or more have the teeth excentric to the bore)
The right bearing for the leadscrew (tailstock end) might be tight. There is a collar than sets end float. If it is set too tight, that will cause the leadscrew to bind.
Once it is running reasonably well, I would suggest running for an hour so without trying to cut metal, keeping oil well supplied. (Set the drip oilers, if you have them, for the headstock bearings to one drop about every minute)
Above all, use plenty of oil in the early stages, it is not just to lubricate, (In pressure fed bearings the main duty of the oil is to cool. In Marine engines bearing temperatures are constantly monitored).
Hope that you soon get things up and running satisfactorily.
Howard