The credit for this page rightfully belongs to Shopsmith owner/rebuilder/EBay seller Simon Eng. These are his pics and his process. He was kind enough to let me post his info on this website.
Simon’s Headstock Rebuilding Process
1. Completely disassemble the headstock.
2. Inspect all parts for defects and damages.
3. Replace both drive sleeve bearings.
4. Replace quill bearing (s) or up upgrade to two-bearing quill.
5. Replace pin-roller bearing on idler shaft (if necessary). Lubricate idler sheave and control sheave.
6. Disassemble, clean, and re-assemble speed control assembly.
7. Inspect poly-v belt and replace if necessary.
8. Inspect drive belt and replace if necessary.
9. Disassemble motor. Most motors have two regular bearings, and these are normally replaced. Lubricate idler sheave and control sheave. Replace other defective parts as needed.
10. Re-assemble and test headstock.
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