I put everything back together, and tested the action. Everything moves more smoothly, the shafts are easier to lift, and it doesn't squeak any longer.
Now I need to clean the oxidation off the apron bars, and I'll be ready to go. Funny how much work something free can be. On the bright side, I know how my loom works and thats a good thing. Oh - and the other bright side is that at the moment my sewing room smells like Murphy's Oil Soap and the solvent in the wax, which I find to be very nice smells.