Many thanks Tigweldor! Got it. In case someone else comes across this thread, the key was loosening the locking collar on the inside of the locking wingnut. With patience and continued lubrication/cleaning, this allowed me to back the thumbscrew out completely. Hardly any visible material in threads, however a little cleaning after removal with isopropyl alcohol made a world of difference, even before oiling.
Thanks for the references above as well - much appreciated. Having done a pretty thorough cleaning at this point, I am really pleased with the machine and the excellent condition it is in. I am really looking forward to using it. Thanks again, Daniel