Yeah, it's probably lead paint. But unless you are gathering up all the particles and eating them, you should be ok. And if you are doing that, then you have other problems.
I've refurbed two 10ERs, taking each one down to bare metal with a wire brush on my grinder and I'm fine. Well, other than the third eyeball growing on my cheek. But that's nothing to be concerned about.
-10ER - SN 13927, Born 1949, Acquired October 2008, Restored November, 2008
-10ER - SN 35630, Born 1950, Acquired April 2009, Restored May 2009, A34 Jigsaw
-Mark V - SN 212052, Born 1986, Acquired Sept 2009, Restored March 2010, Bandsaw
-10ER - SN 39722, Born 1950, Acquired March 2011, awaiting restoration