Well from other people I have talked to the motors are very odd. So I am most likely to replace them for modern stepper motors.

EMCO Compact 5 any good? - Page 2 - Home Model Engine Machinist

That is my machine there, there are a few pictures of it. The spindle is totally manually controlled on the machine at the moment, on/off and the speed are controlled by the operator. So it should wire into a new spindle controller easily enough.

Will mach3 accept a homing sensor on the x axis?

Cheers,

Pete