IMO, I would not be too picky about trying to get a "period" motor for that drill press. By the late 1940's and into the 50's, motors used on small drill presses such as that Buffalo would have likely been capacitor start. The capacitor looked like a "can" mounted on the outside of the stator (motor casing) at about 12:00. I'd also suggest trying to get a motor with ball bearings. Since the motor will be mounted vertically, a sleeve bearing motor might have issues with maintaining oil to the bearings. Some sleeve bearing motors werre made for mounting in any position and used felt wicks to lubricate the bearings, but the "Gits" cups to oil the bearings were still oriented for a horizontal mounting. An older ball bearing motor would be the thing to find.
As for the table repairs, IMO, I would leave well enough alone. The table is cast iron. It has seen years of oil on it. If you go to fill the "oops" holes with weld, you have to get the cast iron cleaned to virgin metal and cook the oil out of it so it can take weld. We are talking diging out each hole with a die grinder and burring tool or possibly abrasive blasting to get to virgin iron free of any oil residue. Once you get things cleaned out, most welders who make a habit out of cast iron repair will liekly want to "cook" the table to bake out any remaining oil and to preheat the casting for the weld. Assuming that was done, you then put heat into the table to weld it. Then, some welders may opt to peen the welds with a needle scaler. Generally, once the welding is done, depending on the welder and his experiences and 'druthers, the table may be post-heated. In any case, the table is slow cooled after welding by covering with some kind of insulation. After welding, you now have a table that is going to need yet another cleaning to get off the oxidation and effects of the heating. It is extremely probable that the table is no longer be flat when you get done with the welded repairs. If you use a nickel-alloy cast iron repair electrode (ni Rod), you will likely get a good weld, but there will most likely be a difference in color between the weld deposited metal and the original table.
I take the belief that welders are welders and machinists are machinists. As an professional engineer, sometime machinist and certified welding inspector, over the last 38 years I have developed this perspective. Some people posess great amounts of skills in both areas, but typically a welder "thinks like a welder". As such, the welder thinks in terms of getting a sound weld and minimizing post weld distortion. However, what is flat and true enough for a welder after they get done is not going to be flat and true enough for a machinist. SO it may well be with your drill press table. You ask the local weld shop if they can fill int he holes and I am sure they will tell you they can. How flat and square to the column your table is when the welding is done is not somethng the local weld shop is likely to be thinking about. You bring in a drill press table and tell them to weld up the holes, and that is exactly what they will do. If you don;t watch out, they may well take a hand-held angle grinder to the table to flush off the welds and tell you they ground things flat for you. Flat to a welder is what he gets with a hand held angle grinder and a straightedge- and the straightedge may well be the edge of a piece of flat bar off the rack. 1/32" in about 12" would be about as good as you could expect with these methods. Flat to a person rebuilding a machine tool is a few orders of accuracy better, on the order of maybe 0.002" in 12" for a drill press table with a planed finish.
If you are looking to repair a chain of "oops holes" drilled on an arc, you will be putting a lot of weld onto the table. After each weld is done, a light peening with a needle scaler might be a good idea to try to minimize post weld stress. Either way, if you are looking to weld up a chain of holes in the table, IMO, this will likely pull the table out of flat and out of square to the column.
Some people have repaired "oops holes" using a combination of epoxy resin and iron filings. call it the "bondo repair". They get things cleaned up well, perhaps rooting out the holes with a die grinder and burring tool. Then, the mixture of epoxy resin and iron filings is worke dinto each hole. One person who posted on this 'Board used something like "JB Weld" and iron filings to patch holes and pits in machine tool tables and ways. You could check the "Devcon" website as they offer a variety of ready-made epoxy resin/powdered metal repair compounds. Either way, this is a way to at least fill the holes in the table. You then have to file the resin off flush and then "slick off" the table with something like 600 grit automotive body paper and some thing oil (like kerosene), followed by an oil stoning. This method gives a good repair that is a reasonable color match to the original table casting. It is also a durable repair and the drill press is not a production machine subject to constant use and hot chips and cutting oil. The "bondo repair" will not cause any further distortion of the table.
Another alternative is to open some of the holes that are the worst of the lot and tap them with a fine-thread tap. If you have a lathe, turn some stock and cut a thread that is a real tight fit in the hole(s) you tapped in the table. Screw in a threaded stud using Loctite. Cut the stud off nearly flush with the surface of the table and drawfile to bring it flush. Complete by oil-stoning.
You will never have a table on that drill press that looked like it came fresh fromt he factory. Old drill presses have those extra "oops holes". Other than a drill press owned by a finicky toolmaker who kept it in his personal shop, I do not think you will ever find a used older drill press that does not have a few extraneous holes in the table. Ubnless the table is totally cratered with extraneous holes, the drill press is usable as-is. Trying to make too good a repair can give you a cosmetically pretty drill press but result in a loss of flatness and square of the table.
Joe Michaels