Hi Melrose, I don't suppose you happen to be in Melrose, in SA? Or is the name just co-incidence?
Yep, get rid of all the machinery underneath the table! Small pulleys (45mm) can be bought off ebay, as can speed reducers, although they might have to come from China. Another possibility is to replace the handwheel with a large pulley, which will give the same effect as a reducer. Some don't like it because it doesn't "look" right.
If the table is basically in good condition I'd clean it using steel wool, which should retain some of the patina, and give it a coat of varnish.
MY 2c worth.