Grant you might be able to speed up the handwheel cleaning. For something like that I would use my lathe to spin it while I sand out the pits and polish it. A drill press can also be made to work in a pinch. I used my old ShopSmith for the hand wheels on my table saw. The saw had been sitting outside near the coast for so long the sawdust inside had turned to compost.
Careful though. Lathe work is addicting.
A little off topic but here's a before and after on my saw.
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I think it was 2009 when I rebuilt my saw. My shop has changed a lot since then.
Rodney