Greetings, :) Nice to have all that family history with it.
It looks to be in very good shape and minimal rust.
If the bearings feel good, you most likely just need to clean up and rust on the way tubes, table tubes, etc.
Wet sanding with something mildly abrasive like a green Scotchbrite scrubber pad, or fine sand paper, or steel wool, wet with solvent, or WD40, or what you have on hand.
Then wax with paste wax for wood (not car wax) and buff, Johnson's paste wax, TreWax, BriWax, MinWax, will all work fine, there may even be a can that came with it.
And you should be good to go.
Oh, and check the wiring to see if any of the insulation is brittle and cracking, the plug on the cord looks newer, so the cord may have been replaced at some point. :)
Just out of curiosity, in the second picture, what is the part on the right side between the extension table and the white crate, not familiar with what it is, but it looks intriguing.
Looks like you have been doing your homework, but if you missed it, the post in this link has a list of 10ER resources that I put together.
https://www.shopsmith.com/ss_forum/viewtopic.php?p=274502#p274502
