As for the 10-80 all the paint in the world will not make it run better so I would spend my money on machine work to fix the bearing and skip the paint till someday.
The 202 was a good disc and $350 is not a bad price - IF as you say the bearings are good.
You can easily check them if you bring a 2x4 and a chunk of wood for a fulcrum and lift up each corner of the frame and watch for up and down play in the bearings as you lever it up and down.
They used either the cast iron or roller bearings on that model.
Bearings should still be available from Shoupparts.com and other sources but will cost a bit if you have to renew tham all.
Here is a 202 that I found on Google.