Just got my first ever metal lathe

Welcome to your first lathe restoration.
You will find evapo rust , mineral spirits, oil, and Scotch Brite bto be your friends for a while. It also gives you a better understanding of your machine. Replace all the felts and oil it good.
 
Lot's of things seem ok, until they aren't.
you don't need to heed my advice.
But it really will tell you a lot , and is not that difficult to take apart and put back together. You don't have a gear box, so that saves you that.
 
Congrats! Nice find- The motor pulley is not original and much too large, your lathe will launch itself into outer space
Plan on changing that for something smaller- a single 2" pulley would be fine for now
You want to use the slowest spindle speeds at first
 
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and the motor should be 1750, not 3500 rpm.
It is a 1750rpm motor Or 1725 RPM.

I think that there is a motor pulley drawing in Downloads. Not a factory drawing but I know of several pulleys that have been made from the drawing. You will need to become a Doner in order to actually download it. The guy who drew it said that the copy that he made it from was too dirty to use so he started from scratch. It is a few years since I checked but Clausing may still have some pulleys on the shelf.
 
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Okay so I've got a question here I'm almost done just cleaning it up and giving it regular maintenance, how in the hell am I supposed to get this key back in? This is on the main gear on the spindle closest to the Chuck
 
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