I would follow this guide as if the machine were new as it is to you. http://www.mini-lathe.com/Mini_lathe/Setup/setup.htm
In other words take everything apart, clean everything, lube everything put it back together.
This page will show you how to adjust the Lathe
http://www.mini-lathe.com/Mini_lathe/Tuning/tuning.htm
Have fun and don't be afraid to ask any questions.


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