Saving Old Seagulls

This is a better picture of the grub screw and the bolt I mentioned.There are actually 2 grub screws, one on each side.One will come out and the other is siezed in .I think they are best left alone.Really not sure what the bolt is for as looking into the hole when it is removed it seems to do nothing.I think the best way forward is to grease up the gearing and leave well alone.
Delph by the way is a village in Saddleworth as you go up on the moors between Oldham and Huddersfield.

Yes I think it would be the best option, the holes could be used for grease nipples, but as there is nothing much to grease inside, you might as well block them off as they were, the bolt at the back is either for drainage or is holding the pinion bush down?

Thanks Keith.
It is very reassuring for me to have someone like you offering advice on this project.

Don't say that, you make it sound like I know what I'm talking about.