Oh WOW is that frame rusty! You are going to treat it with some rust converter & paint it, right?
As for the axis drives, I think I'd probably go for a rack&pinion setup; so you don't have to worry about screws whipping during rapids.
I have no personal experience with their products, so I can't recommend for or against them, but... this is the sort of setup I was thinking about:
Standard Rack and Pinion Drive, NEMA 23 | Avid CNC | CNC Router Parts