Step 2: Begone evil Rust!
In order to keep the parts straight, I separated them into 3 groups: Base and post, Upper Casting, and Pulley Assembly. I disassembled each group in turn and kept the group parts together. This made life a lot easier when I had to put it all back together again later.
Good ole soap and water
Dish soap, hot water, and scrub scrub scrub! I got as much of the old grease and dirt off every part as I could. Then came the wire brush and steel wool and some stuff called Kleen King (really it's Boraxo with a different name). I was able to get most of the rust off with this method, there were some spots that were pitted quite badly. For those I had to file down the raised areas, but beyond that there was not much else that could be done. Some of the stainless parts are also discolored permanently. None of this affected the function, so I got out what I could and left the rest.
After scrubbing I sprayed all the parts with WD-40 and let them sit in the sun for a couple of hours to get really dry. The WD-40 will displace any water left behind from the scrubbing, and will lift a little of the loose rust as well. Once dry, I wiped down all the parts really well and put some oil on all the plain steel parts (post, quill, spindle, etc).
At this point I discovered that the pulleys on the rear of the press were bad. They do not have bearings, they are just brass sleeves over a stainless threaded rod. It looked like they had been run dry, they did not turn freely, and felt really gritty. I did not think they could be salvaged, and they were not going to be needed because the motor was going to mount in their place.
All the castings got painted with Rustoleum Satin Black. I used poly sponge brushes to help cut down on brush marks. I prefer to use brush over spray because I find it easier to work with, and I have other projects that paint will be used for. This paint is very thick and does tend to run if you are not careful. It takes two coats to get it even, but when done looks quite well.