After some cleaning, polishing and painting the drill looks a bit more friendly.  The frame was cleaned, rust-proofed, and painted with black, gloss enamel.  I also painted the gear wheel with red, gloss enamel and baked both parts in the oven.

Here are all parts of the drill.  I will review them in detail.

The Frame

This is a view of the frame from the gear shaft side.  I polished the spindle housing, gear shaft and handle attachment screw before painting.  During painting these parts were protected with masking tape.

This is a a view of the frame from the side-handle perspective.

The spindle housing is 5/8 inch in outside diameter and was originally nickel-plated.  After clean-up and polishing, the plating unfortunately did not survive. 

Now it is highly polished iron.  The housing has a provision for injecting lubricant.