Portoss lathe – new to me.

[File HandleParticipant @filehandle]

For what seems a long time I have toyed with the idea of buying an inexpensive lathe. Finally found a Portoss (S I think) locally. yes I know that they are not brilliant, but budget constraints. A quick measurement I think it is a 3 5/8 centre height. Looks like its crossslide has been extended in the past with a T shaped addition allowing greater movement, plus it has a crudish dial indicator.. Has a 4 way tool post.Comes with 3 and 4 jaw chucks and a jacobs drilll chuck. Not checked them but looks like a full set of change wheels.
Only a couple of cutters, so will need to get some HSS ones. I understand that its not man enough for carbide.

I was thinking of using SAE 30 oil for the headstock bearings, OK?
I have cutting oil from drilling and thread cutting. Does what I use on the ways matter?
I have seen several “restoration ” videos where they are mainly stripped painted and reassembled. I am minded to leave it with its patina. It came with a very heavy stand, this is a bit grubby. I am thinking of painting this, blue. To match the stand of the new Myford I used at school. It had an homemade stand, made from obviously scrap yard angle, but painted blue. Mine is also made from angle with a very thick steel plate so blue seemed appropriate. I think I remember that lathe after 6 decades due to it contrasting with the older ones all on Myford stands.
The other question is chuck removal can I do what I do on an ancient B  & D drill, chuck a large Allen key and give a sharp hammer blow?

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