Shopsmith has the excellent “Mark V Alignment and Maintenance Manual” available for download online (although it required a Google search for me to find it just now). Maintenance instructions begin on page 33.http://www.shopsmith.com/ownersite/manu ... manual.pdf
Conventional wisdom on this forum is that the sheave oiling amount specified in the manual is too stingy. The late great Bill Mayo was of this opinion, and he knew far more about Shopsmiths than I ever will. Below is a summary of his annual-lubrication advice, which I copied down a while back.
1. Put the headstock in the drill press position and FAST speed position. Tie the belt housing out of the way. Remove the logo cover.
2. Using a zoom spout oiler, put the spout into the control sheave oil hole. I give a good squeeze (20-30 drops of oil minimum). Then put a few drops of oil around the top of the motor floating sheave and shaft and on the open shaft key. I use a flat blade screwdriver to part the spring for the zoom spout.
3. Move the floating sheave up and down a little with your hands to get the oil to go around the motor shaft and key. I do this oiling of the shaft & key several times when doing this. I do not use the motor floating sheave oil hole for this lubrication as I find too little oil can be applied through this hole.
4. Then turn on the motor and very slowly, cycle from FAST down to the SLOW speed. Then back to FAST.
5. I do the same oiling sequence a second time. I do not believe you can over oil the headstock. 90% of the problems I find in the headstock come from lack of or too little oiling.
Here’s my personal experience. When I first got my Mark V, I followed the Shopsmith maintenance manual to the letter. And I never had a problem. Then I read Bill’s oiling advice, and followed it during my next periodic maintenance. But when I powered up the headstock after oiling, the centrifugal action simply slung off all of the excess oil. This made a mess in my headstock and on my floor, and all that slung-off oil obviously wasn’t going to be of any ongoing benefit to my headstock. So I concluded that Bill had gotten a bit over-zealous on this one. IMHO, the key is to be sure to get an oil film between the moving parts. Once you have that, you’re done, as there is no oil “reservoir”.
I do perform one lubrication step that’s not in the manual. When I first bought my 520 (used), the speed changer was a bit stiff to operate, even after oiling everything per the maintenance manual. So I tried putting some graphite powder on the worm gear and the mating teeth on the quadrant. That worked nicely to reduce the speed-dial operating torque, and so I made it part of my periodic maintenance procedure.