I did want to give an update on this.
The bearings on the end of the shaft for the cutter and the shaft for the grinding wheel did suck up oil. I am happy about that. no more bearing noise from the grinder. That is why i decided to do the cutter shaft as well.
I have run approx 1400 linear feet of 1.5" wide White Oak T&G floor planks (almost 50 years old) through the planer. It worked like a charm.
The planer comes with a clamp that attaches to the motor so you can spin the planer upside down and attach it to a bench for sharpening the cutter. I used this clamp to hold the planer upside down. I built a frame that went over the top of it that held 2 large casters, the casters are rated for several thousand lbs so that gives you an idea of the size. with the use of shock cord (3/8" bungee cord) to pull the casters against the deck on the planer i was able to turn the planer into a feed style planer. granted it was not an automatic feed, it still did the job. it took me a lazy 2 days to do all of the boards with stopping for rain, and also cutter sharpening. then another day to run them through a 16/32 Jet drum sander a few times. The boards came out better then I thought they would. The boards probably only had maybe 2 sandings left if I used one of the large flooring sanders on them. because of the heavy grit used so the paper would not clog. Going the route i did and pulling the flooring up and planing/sanding in a controllable manner I removed not even enough material to fill a kitchen trash can 1/3 way.
Plus I now have the added feature of no wavy gravy flooring or over sanding near the walls. everything is back to being exactly the same height. as if they were just purchased.
no poly for this flooring when i lay it back down. some stain and going to oil it. Hopefully this will be the last time this floor needs to be refinished in my lifetime.
I did have a single question. The original installer had done a horrible job of laying the floor. there were massive gaps all over the place. and most of the nails didn't even hit the joists (explains the gapping). the old nails were spiral nails i believe they were iron. very difficult to bend. so most of the nails pulled out and they are pin straight. The wood is old and most likely has a much lower moisture content then when it was first put down. I live in Colorado with a very low humidity. I am thinking the boards will split if i use a pneumatic flooring nailer on them or if i hand hammer new nails in. will i need to pre-drill? should i use something like a composite decking screw (small head) instead of the nails? can i use a pneumatic floor nailer?