I purchased John Regan's Fun Projects (www.funprojects.com) pinion bearing and 12V conversion kits. 
The pinion Hyatt and ball bearing assembly is replaced with modern bearings, as is shown below. My ONLY complaint is that one of the bearings say Made In China, which just feels WRONG (dont get me started). Anyway, that is not John's fault by any means. Everything I read from user give it rave reviews. You have to send them the housing off yours as a core.The 12V conversion has at its heart his voltage regulator, hidden in the shell of a cut-out. You can read more about both on his web site.
Going to have to hurry to get this painted before the temperature drops.
