My secret sauce for sludge is vegitable oil*. It cuts grease and old congealed cutting oil fairly well. Make sure you replace it with regular oil afterwards tho, it won't prevent rusting, there is a touch of water in it.
The nice black slime on the table is likely sulphured cutting oil, nasty stuff, if you get it on your shirt you just throw the shirt away ;P
The black stuff on the rack and gears is more likely (moly?) grease, oil drips off the gears, so someone probably got tired of oiling them and greased them instead...
(oil is better, cutting chips stick in the grease, but you have to remember to oil the poor thing once in a while ;)
Edit: I assume you aren't going to paint it, if you are painting it, don't put motor oil on it, strip it with alcohol, then clean with thinner, but paint soon after or it will flash rust ..
Vegetable oil, eh? o.o Interesting... If I were going to try and hose all the gunk out, I'd probably get a can of brake cleaning fluid... takes just about everything off pretty darned quick!
There's not a lot of goo on the press, only a bit on the flats of the gears, where the oil was allowed to mix with dust. Otherwise, it's pretty much wet with oil... as seen here!

No grease either, thankfully. It's just been getting oil the entirety of its life it seems. I added a little 80W gear oil here and there, and it runs a bit quieter now.
Also... why would anyone want to paint it? Look at the thing, it's GORGEOUS! :D I wouldn't touch that patina unless it's continued operation depended on it!
It is entirely possible that a larger press by champion may have been set up for morse taper bits. I'll have to look at my catalog when I find it.
Generally, though, they had the never-slip chuck in them.
I'll check and get back to you.
I have found a few of the small size bits, they did make them with 1/2" shanks. Odd looking little fellas.
Please do, I'm quite interested in learning that little tidbit. If you've got the page on the 203, I'd love a scan of it! This doesn't seem to be a terribly common press, I could only find one other set of pictures aside from mine... Here are a few shots of the chuck on mine:

On the large cylinder, it says "1/2 June 18 04" Which, I'm guessing represents 1904, not 2004 :P

At the bottom of the large cylinder, is a small part that sticks out that reads: "Morse U.S.A. No.2 to No.3"
I picked up a small benchtop drillpress at the same auction, and it had a Jacobs No. 34 chuck attached to a Morse No. 3 shank, so I popped it out of there and into my big one, lickity split. Fits nice and snug! Only problem is, the chuck won't close all the way :/ I've got it soaking in penetrating oil right now to try to free it up...
While researching post drills I found a helpful article here - http://www.beautifuliron.com/thepost.htm
Chilly
Hey, that's some pretty neat information indeed!