I don't think it works that well on a little bit thicker stuff. I filled up a gouge in an aluminum casting and it took A LOT of heat to get it to flow out. That much heat will affect the aluminum heat treating in a bike frame I imagine.
It looks like you loosen the whole ram and tram it (square it to the table), but there doesn't appear to be anything for the Y. Maybe the such short travel of the Y didn't warrant any provision for that.
Looks like a fun little machine!
I can't see the seperation between bearing and arm. Is the race welded in? I can't see how they would have welded the race without fugging it up. They should be removable bearings and a nominal size if so.
How old is it? My 20t on the press leaks there too, but not enough to worry about, and hydraulic fluid is cheap.
You can put a new seal in, but if the bore for the rod was "machined" with a dull drill in a dirt floor hut, a new seal won't do much for long.
I have a little 1 ton mini ex and ripped out 7 stumps so far by digging around it. I'm a terrible operator and can dig out a 24in pine stump in about an hour.
On my silverado, the Bosch disks only had a rust ring around the outside lip and only a half thou under brand new thickness! I was amazed, as I've put about 50k on it with some fair towing. I just kept them going.
I don't have a lot of experience fixing bad tapers, but I think, practically, it would take quite a bit of abuse for it not to hold. I suspect damage from previous owners.
Use the above suggestions to carefully clean with very fine abrasive to shiney smooth. If the taper is bad, I could see...
To maybe get a better clue, see if you can find the maker of the switch itself eg. Furnas, Allen Bradley, etc.
Or get one from mcmaster carr to whatever shaft is on it.
Or make one!
And probably is especially since it's in the same plane as the blade cut in the table. Need to put a straight edge to be sure.
Mine has had the trunions welded on, so probably fell over too. If mine were bent, I'd mill it flat, but if I couldn't, it would still be serviceable I think.
There's a good chance the bottom of the casting is or looks bowed, but the actual working surface, the top, is flat.
Or at least flat enough for a bandsaw.