What I forgot to add...
When I get an old tool like this I clean it. I use Goof Off to clean off the grease build-up. I use Goof Off on a rag for the easy-to-reach parts and a Q-Tip for the nooks and crannies.
Next I use steel wool to polish the tool. I don't go crazy, I just try to brighten it up a bit. And, for a drill, I usually wire-wheel the chuck.
Even if the power cord is good, if it isn't grounded, I put on a new one. Like as has been mentioned, if there isn't a ground terminal in the drill, there's always some place you can "rig" one.
Goof Off works great for old caked-on grease. It works even better for the wood residue that's on old saws. Goof Off takes it off easy-peasy. I've done four saws in the last two months, one of which had over 60 years of **** built up on it. It's lookin' good now.
Oh, and about that Skil 825... That sumbitch uses oil! So, mucho oil residue and 50-plus years of wood stain makes for an adventure. Be glad you've got that drill.
Don
IMPORTANT: Do not use Goof Off on plastic. Do not use Goof Off on painted areas, like, for instance, the ID Tag. Like if you have a cool OLD Craftsman Long-C power tool and hit the label with Goof Off, the label could get "goofed up." Good-bye Long-C. OUCH!