W&S #3 high/low clutch

I have a #3 M-1200 S?N 712749 that has I believe worn out clutches. The chuck can be held by hand in "low" and stopped with a little force with a wood block against the chuck in "high". There is no difference if fwd. or rev. also the lock bolt on the check end,(low speed, metallic clutch) is in so far the head of the bolt has been cut by the large gear there. The high speed clutch,( fibrous lining), is as tight as I can make it. The cone is recessed into the clutch drum by about a 1/16 of an inch. Does this sound like it is worn out?
I am NOT a machinist and would use this for cutting bushings and more as I learn. I have the machine as it was delivered free and has cost only the electric hook-up, phase converter and $100.00 of oil for it. Everything seems to move manual and under power but no power at the chuck. Do you guys think this thing will be hundreds or thousands to fix? Even at hundreds I will probably just try to get it out of my way, there is no tooling or cross slide tool holder, just a center and Jacobs chuck in the turret.
It also has a defense plant corp. tag is it WWII vintage? I would guess yes.
Thanks for the advice, Greg

I am parting out a #4 I'll check the clutches and let you know, if you are interested...........

Tim

Thanks Tim for the offer, this is all new to me, would the #4 use the same clutches? The book I have does not say how to get them out only to "return to factory" if in need of replacement. I can't spend much on this so will probably not take you up on the offer but thank you for the response.
I am a mechanic and have always wanted a lathe, my brother in law got this thing and didn't want to store it so I ended up with it. He did not run it before acquiring it and has no experience with W&S. The "hobby" sites that I have found have no info on this lathe and are much less help than you guys that are in the business of making these thing work so thanks again to every one for your patience with me. Greg

Do you know how to adjust the clutches ? The high /low range is a positiive engagement type . It either locks in with a snap into a detent or not . Viewing through the inspection covers on the top rt & lft , you should see an adjusting ring that can take up for wear ( clue : look for a square head bolt to loosen the ring - the female end of a 3/8" socket extension will fit the bolt head ).
The multi plate wet clutch packs are viewable through the rear top covers ( the round "manhole covers " )
Be sure the oil lines are open and directing a stream of oil into the clutch packs .
FBBob