I replaced the bearings, belt and shaft on my Graduate a couple of years ago. The orginal bearings needed to be regularly greased but now with good quality sealed bearings it is virtually maintenance free.
The company I used for the belt and bearings was
http://www.premierpowerproducts.co.uk who are literally around the corner from me, they are extremely helpful and knowledgeable and come highly recommended. Just give them the length of the belt and the numbers off of the old bearings, explain its for use in a lathe and get the best quality bearings they have.
They were far cheaper than I expected and transformed the lathe. I also got a new set of bearings for an old Record Power bandsaw of mine for a fraction of the cost of the Record Power ones and of a higher specification.
Once I had done all of the mechanical work, careful application of green Hammerite made the old girl look as good as new. The Graduate and Jubilees are great lathes and with a bit of TLC will serve you for many years to come.
I hope you enjoy your new lathe and keep us informed of how you get on!
Kind regards,
Ed