Well, thanks to all of the good advice I received from you guys I am almost ready to go. The bench is built, the lathe bolted down as level as I can get it. The countershaft is bolted down and the pullys are parallel (I think). The motor has had all of the electrical cords replaced, the bushings replaced and a new switch installed. I went with a regular 20 amp on/off switch in a PVC box screwed to the bench top. All of the oils (spindle, way and cutting) are in and the machine is lubricated.
All that is left is to install the belts, check to make certain everything is in the right position, say a prayer and throw the power switch.
My final question is... Do I need to lubricate those gears in the headstock? Would squirt or two of oil, but a good idea or a bad idea? My Logan manual doesn't say anything about lubricating the gears, but it sorta goes against my grain to run them dry.
As an aside, I took the motor to an electric motor shop in town which has been on the same spot for 58 years. The little motor Yoda who did the work has been at that same bench for 40 of those years. He was greatly taken with my motor, with it's cast iron housing and pronounced it in perfect shape after the new bushingsand cords. He told me it was made in the 1020s. He even took a picture of the motor to keep in the shop.
I want to thank you all for your advise and counsel. I took it all to heart and followed as best I could. Now about those gears......?