Robert,
I would suggest doing it in stages. That way you wont have a completely disassembled machine at any one time.
Start by taking lots of pictures before and during disassembly.
Maybe start with the tailstock, dont lose the shims between the base and the tailstock. When you have got it back together maybe do a test run and check that you can still turn parallel.
Then pull the compound slide and toolpost, and then perhaps the cross slide. IF you are still happy with what you are doing and finding then you can pull the carriage off and as you have already done the slides it will not be such a large undertaking. Also by doing it in stages and giving the lathe a test run between steps if you find that you cant turn the way it used to you will only need to look at the area you just overhauled, not the entire machine. Also if you find you need a part made, either for the lathe itself or some other job that always pops up when you least want it you are not so far into a puzzle that may take weeks or months to get sorted.
When you get to the head end you can slip the rebuilt carriage off and do the bed as well, then carriage back on and you have 1/2 a lathe again.
Heres a bit of reading, including some problems encountered during the process.
http://www.hobby-machinist.com/showthread.php/5597-9A-renovation
http://www.hobby-machinist.com/showthread.php/5054-Heavy-10-restore-project
http://www.hobby-machinist.com/showthread.php/5893-My-10K-Goes-To-Rehab-Help-Needed
And as complete as you can get strip down.
http://www.hobby-machinist.com/showthread.php/4775-A-new-project
These are SB, or clones of, and things will be different but the general design should be similar to your Sheldon I think.
Also maybe consider some improvements to incorporate on the way if you want.
http://www.hobby-machinist.com/showthread.php/5526-Refurbished-my-South-Bend-9-quot-lathe
And
http://www.hobby-machinist.com/showthread.php/5880-Added-DRO-to-cross-slide
http://www.hobby-machinist.com/showthread.php/5627-Adding-a-DRO-to-the-lathe
Good luck with this, and please let us know of your progress or any other questions.
Cheers Phil