This is a restoration I did quite a while ago, but just recently got around to writing about. I picked this Miller Falls Hand Drill No. 2 up on ebay for $16 in 2011. It ran okay from the start, but it was definitely not super smooth. For those who want to jump to the before and after:
Unfortunately, I didn’t get many pictures of the restoration process itself. To start I disassembled the whole thing, which didn’t require too many special tools besides some various size pin punches. Once dissembled, I put all the metal parts in a bath of Evapo-rust. While soaking, nearly all the paint came off and it needed just a little brushing to remove the rest. Like my miter saw restoration, I used Duplicolor engine enamel paint.
The wood threads in the handle were a little warn out from years of use causing the handle to wobble a bit. To fix this I used a few turns of teflon tape to fill the gaps.
I also used some PB blaster on the chuck to clear out some gunk. I believe most of the exposed metal was once nickel plated, but unfortunately the plating has worn off. Maybe some day I’ll splurge and get all my old nickel plated stuff restored. Here it is all assembled: