I recently got a somewhat beat up Emco Compact 5 CNC lathe. I spent a bit of time retrofitting it. (Note: "Emco" is Austrian lathe as opposed to "Enco," cheap Chinese) While the manual has a schematic, I didn't see much on taking it apart, which is a bit nerve wracking since Emco doesn't seem to make replacement parts. This is the first chunk of photos from what I did. No guarantees it will help, but perhaps you can at least see things to avoid.
So here's what we have to work with:
Pretty dirty, some rust spots.
The spindle moves if you manually program it, but there's no way to save programs other than a tape player(!) and no way to upload other than typing.
I bought a plug&play CNC setup from dmauch@seanet.com, which includes a set of Nema 23 500oz motors and a GeckoG540 controller. You can drive it using Mach3 or (hopefully EMC2).
In any case: first thing is to strip the lathe down.