Here is how the drum came to me.  It was not in bad shape, but did have a few small dings in the wood.

I first start by removing the drum.  Take note of the red paint inside the drum.  It looks like the gearbox was originally black, with a red drum.

Here are the main parts.  Everything looked really good and all the bearings were tight.  There was a little surface rust on the gears, but it cleaned off.

Here is the cleaned, polished, and reassembled gearbox.  Looks sweet!

Here is the pulley painted and installed.  I sanded the drum and then applied some black stain to help preserve the drum.

Here is the final installation.