Hi Robert,
I'm afraid I'm a complete beginner with drill presses, so I can't help you with the run out. I can, however, help you if you get stuck with taking the thing apart, or if you want to know what it entails. Essentially all I did was photograph the thing from
every possible angle, dismantle everything I could, photographing it extensively as I went, cleaned and sanded and de-rusted everything, got the main parts sand blasted then spray painted them myself, then re-assembled it all using the many, many, many photos I took as reference points.
I just used common sense, and photographed everything (every nut and washer and screw and bolt, both in situ and removed and the order in which they should be used) so that I'd never have a moment's doubt how it all went back together. Every group of elements I removed got photographed, put into their own plastic bag, and labelled so I knew what it was.
Photograph, dismantle, label, bag, clean, bag, reassemble.
Oh, and these diagrams are helpful:
http://vintagemachinery.org/pubs/1141/3516.pdf
http://vintagemachinery.org/pubs/1141/1764.pdf
And I bought one of these belts to use, but I haven't actually put the motor back on yet (I was just giving it a wipe down tonight) so I can't tell you how good they are:
http://www.amazon.com/dp/B001BQDS8I/?tag=atomicindus08-20
Come back to me if you need any specific help and I'll do what I can.
-- Dunstan
p.s. I'm not kidding about the photos. Take tons!
p.p.s. I tried taking the motor casing apart to clean inside, but I couldn't get it apart. I'd skip that.