Ah, thanks very much for the reply, hgrail! 
Am I handy? I could be...
Are you suggesting I should pull all the rods out from the old sucker and do the same as you? I could, and besides that, I'm pretty sure it hasn't been oiled in a long time - probably a further cause of the problem...I probably should. Heck, this sounds like fun. Maybe I'll get at it. Any suggestions on quality...er...lubrication? 
Am I handy? I could be...