It's not all that hard to take out and replace the spindle but you do need to be careful not to damage the front bearing – new ones are available but at a price, and changing the bearings is a bit tricky. Let me know if you want more info.
When new, the ML8 was supplied with a link belt – mine is still going strong though I’ve had to take out a couple of links over the years as it stretched. The original one was leather but you can get new polyurethane ones.
Don’t grease the bearings – they run on light (ISO-32) hydraulic oil – just a few drops in the holes at the top – don’t flood the housings.
Unlike the metal lathes, Myford didn’t harden the spindle of the ML8 so both the threads and the morse tapers are more easily damaged. As supplied, the lathe had fibre washers on each end of the spindle to prevent faceplates etc. from getting stuck on the threads - easy to make a couple.