Removing the headstock spindle is non-trivial and requires a bit of headstock disassembly. The big, ultra precise main spindle bearing will also come out when the spindle is removed. Personally, i would be more concerned about the corrosion in this bearing if it's not living in the headstock than i would be about the condition of the ways. Replacing this bearing could cost more than a bed regrind if you could even find a spare. From a practical perspective it might be better to consider this machine a parts machine and look for a complete, fully assembled but worn machine as your primary rebuild project.
Saturday is the day and I'll know much more soon.
I wasn't looking for a project like this. It found me. It's not the model lathe I would have picked to rebuild, but price and location couldn't be better. And coincidentally I was planning on rebuilding my B&S 13 grinder, so getting stuff together already.
If too much important stuff is missing and I can't pass this along to someone else sad to say it will go to scrap. I'm optimistic all will be good. Wish me luck.