Thanks for all of the thoughts and comments. I won't say that it has been easy but it has been a lot of fun and a great learning experience. I owe a lot of thanks to the knowledge available through the folks at OWWM and input from our own OzzieX and Woodguy. I litterally could not have done it without McRabbett's help. McRabbett has been there for me at every turn when I needed help. Everything from heavy lifting to pouring the Babbitts.
Below is a quick outline of the project as a reference for anyone thinking of restoring an old machine. Now that it is done and knowing what I now know, I would definitely do it again. There were some suprises along the way but I could not buy a machine of this quality for anything close to my investment.
Jointer purchase price $400 (seller gave me over 100 bd ft of Oak too)
Motor, pulleys, belts $300
Magnetic Switch $60
Babbitt Metal $70
Knives $60
Paint / Primer $20
In total, I probably have about 80-100 hours in labor. I went well beyond what was necessary to put the jointer into service. I wanted to bring it as close to fully restored as possible. I stripped it down completely including every nut, bolt and screw. Everything was brought down to bare metal by either electrolysis, wire wheel or sand blasting. Everything was primed and painted except for the machined surfaces. I also poured new Babbitt bearings and polished the shaft on the cutterhead on my lathe.