My answer to paint the tube came in the form of some scraps quickly screwed together to create a stand.
Here it is getting numerous coats of paint
At first I wasn't going to paint the other rails...but they needed it. I didn't take all the paint off them, just got rid of any rust and pitting, then gave them the same sanding and steel wool treatment. To paint them I made them into wind chimes :)
With those left to dry I went to work on the internals of the saw box. No pictures, but basically I crawled under it and went to work with a wire brush on all the gears and adjustment screw threads until I was happy, and then sprayed lube liberally. I told the guy at ACE I was looking for a dry lubricant, and he zealously recommended this can of TRI-flow. The first ingredient ended in hydrocarbon...so I'm not completely sure, but its on there now. Hopefully it doesn't gunk up too bad.
With everything moving freely I got my replacement bolt and washer stack, put some blue Loctite on it, and lined up the motor as best as I could.
Following the manual, I adjusted belt tension (I don't know why, I'm sure I'll have to do it again once I get the new belt). Then I followed the procedures for adjusting heel, which involved loosening all 6 carriage bolts on the front and rear trunnions, and tapping around with a hammer until the blade was in line.
I also squared the blade to the table, and set the 90 and 45 degree stops. I do have a problem that I haven't come up for a solution for yet, which is that the tilt adjustment mechanism will cause the box side to deflect up to an inch when encountering resistance. By the nature of the mechanism this leads to extreme difficulty making adjustments and not very accurate readings. I guess I'll just have to check my blade angle with a square and cinch down the lock before doing any cutting until I come up with a better system.
My wind chimes and standing tube have been drying for 2 days now, but paint still just rubs right off. Really wanting to move forward and get the fence rails put back on and aligned, but can't do anything until they cure. Part of the directions say "for greatest durability, spray another coat after 2 hours OR wait 5 days." Interesting options, but I guess drying time is 5 days, so to be continued...