Agreed, I’ve pulled out worse machines than that and had them back to tidy and serviceable in no time. Take your time and strip down fully. With a drill, the only real ‘issue’ is a dead motor, but new replacements are not expensive these days. So there is really not a huge amount of need to see how well it works. As a minimum a new set of quill bearings will be useful and ensure a nice quiet and tight machine. The Progress is a GOOD drill, like the Fobco but just that bit bigger and beefier. A great machine for the amateurs workshop.
Your main job is basically careful de-rusting, and I believe there is a lot of info here on these processes. I actually have a ‘Fobco’ rebuild in progress, ( slow burn back project ) and completed the refinishing of the base, table and column recently. The table was badly worn ( Muppets drilling with the hand vice rattling about for years on end in a factory ) in the centre, but it was dressed effectively with large sheets of went and dry on a surface table and lapped with plenty of WD-40 to lubricate the process, turned out very nicely….. if it’s just rust and not specifically surface worn you can also use a large flat block of steel and the same wet and dry and lap it that way. How is the table for ‘worm holes’ the ones drilled in by careless users….?
Take your time and enjoy bringing this machine back from the dead…..