After we bought a house with a genuine garage last year, my uncle dropped off my grandfather's Shopsmith (10er?), which had been sitting in pieces in his garage for at least a decade, probably more. The serial is F 54693.
I plan to use it mostly as a lathe and disc sander, but I may take the opportunity to ditch my bench-top drill press as well. It has got a lot of rust and for right now, my goal is not a restore, but to get it in good working order and start making sawdust. Any help, experience, and expertise you all can offer would be greatly appreciated.
The big issues:
1. Surface rust everywhere. I assume I just need to get to work with the wd40 and some 600 grit sand paper, followed by paste wax.
2. The back of the switch has pulled out of the head stock and been crushed. I think it's toast. I plan on just getting a new paddle switch and mounting it to the bench. Any reason this won't work?
3. Post on tool rest is broken off. I'll probably just find one on ebay.
4. Drive spur is stuck on the spindle. I loosened the alan bolt and gave it a soaking with wd40, but it still won't budge. Is there something else I need to loosen? Also, how do I get the spindle out and install the drill chuck?
5. No belt. I'll probably get a link belt. Any reason not to?

Longer Term:
Assuming I like turning on this, I will either get the speed changer or try to get me hands on 1hp DC motor with a speed controller. Anybody done this?
Thanks ahead of time for all your help.