Re tool holding, you'll have to decide which way you want to go. Quick change tool holding system, 4-way tool post or stick with the lantern style. QCTP is the most convenient and the most costly. Might depend on whether you see yourself using this machine for a long time or if you'll flip it for a bigger machine in a year or two.
Re lubrication, there are about 4 different publications on the Vintage Machinery site:
http://www.vintagemachinery.org/mfgIndex/detail.aspx?id=1617&tab=3
The lubrication chart has nice diagrams showing each of the lube points and the recommended servicing frequency.
http://www.vintagemachinery.org/pubs/detail.aspx?id=4574
Note that these old machines want non-detergent oil. Engine oil for your truck really isn't the right thing! There is an online site in the US that has a good summary of the currently-available oils that match up well with what South Bend originally recommended:
http://bluechipmachineshop.com/bc_blog/product/sbl-a-b-and-c-oils/
I'm not saying you have to buy from them; just that they have a nice single page summary. I know that KBC in Canada has way oil available in the recommended weight. I'm using ISO 32 compressor oil (from Canadian Tire) for my spindle oil. I think they may also have ISO 68.
OTOH, any oil is better than none. If you have some light machine oil in a pump can, it won't hurt to squirt some on right now. Then switch to the "right" stuff when you can get it.
Craig