If you will be machining parts for jet engine turbines or balance shafts for wrist watches you are going to need to replace the bearings. I'd just take the old bearings into a place like "Bearing Warehouse" or some other bearing supply house that is close to you and have them match it up.
Now, if you want the challenge of just cleaning this one up and then see how well it works before you decide to throw money at it, I'd suggest either the electrolytic method of cleaning the corrosion or else use a paintbrush and Naval Jelly.
Electrolytic way is to put a gallon of water in a plastic bucket, mix in a tablespoon or 2 of baking soda, then hook up a battery charger- Negative to the item and positive to an old stainless steel spoon or something. If your charger has a variable charge rate just do a rate that lets bubbles form. Let it work overnight and try it in the morning. I've used this a number of times freeing up tools that are frozen solid, typically the bucket of rusted tools you can get at a barn sale for $1.00 and I have never had this method fail on the most rusted up crescent wrenches even, you can even get the thumbscrews free with time.
If you google up "electrolytic derusting" you can get a ton of hits with all sorts of power supply choices and recipes so feel free to get complicated with it but if you just want something simple and on-hand that works just use a plastic bucket, battery charger, baking soda, and a chunk of stainless.