After a few painstaking days of degreasing and removing the old layers of paint on the hunks of steel it was ready for paint and reassemble the lathe again.
I used a nice vintage looking green metallic paint I had a few cans of left.
Found some wear and tear on the lathe which I managed to restore a bit again by adjusting a few items.
The bed however has some wear near the headstock so if I use the tailstock I need to shim it up some with some heavy stock paper. Which then makes it aligned enough again for what I'm doing with the lathe usually.