Exe,
Congratulations on a great find, and welcome to Block grinder ownership!
There are good examples of restorations in this thread, plus the links in my signature line will help with ideas.
It's a good idea to replace the stones, they're history is un-known and can be dangerous.
The long run-down time is due to dry-bearings, which are readily available, inexpensive, and easy to replace.
I routinely replace the power cord, and inspect, clean, and repair the rest of the electrics: switch, terminals, lamp, relay, capacitor (if equipped), ....
The eye shields may clean up nicely.
Simple Green, or similar
Meguiar's Cleaner Wax - Paste, or similar (some people report non-gel tooth paste, also works)
Here's a link to Eye Shield Kit, Bench Grinder, Replacement.
http://www.garagejournal.com/forum/showpost.php?p=3323239&postcount=465
$16.59
http://www.grainger.com/product/DAYTON-Eye-Shield-KIt-5PZP2
If you have any questions, just ask. There's a lot of helpful, knowledgeable people on this thread.
Keep us up-to-date on your progress.