Too much oil in the air motor isn't good or necessary. A few drops in the air inlet before and after use is a good idea. Oil in the ratchet heads is good. There are a lot of action going on in the heads and lubrication is needed. A squirt in the head is good maintenance.
Sounds like you need a o ring in the air valve. some are o rings and some are plastic valves. You will need the model number and a Snap on dealer to get the parts to fix it. You may have to remove the rubber handle cover to get to the valve. Hot water or carefully warming the boot with a heat gun or a hair dryer will soften the plastic.
That 1/4" ratchet will need Snap On parts also. When you say non working does the air motor run but the head slipps? If so you may only need a head kit. tmm