I'll file an initial report now, followup with some pictures later tonight.
I found several issues that must be corrected. Not all of these were on my original list of stuff I anticipated seeing during teardown and inspection.
First issue discovered: I found a surprisingly large quantity of metal particles and chips in the headstock. It appears that the Asian semi-skilled laborers who assembled this mill made a desultory effort at cleaning out the head casting, then used some kind of yellow spray coating to more-or-less glue down anything that was left. This included chips from various boring and tapping operations, grinding dust, etc. Nice.
Next, and probably related to the debris issue above, several of the bearings are damaged. Given the relatively minor expense of buying good Japanese bearings, I ordered replacements for the whole lot from VXB today. (About US$70 including tax & ground shipping.) I'll include a list of bearings required in my next post. Fun fact: this spindle design appears to be used in virtually every mill-drill, and employs preloaded tapered-roller bearings that are also automotive parts.

The most interesting discovery wasn't damage to the gear teeth (more on that in a minute) -- it was the poor fitment of the keys and keyseats. Basically, it looks like they took one fast pass with a 2-flute mill to make the keyseats in the gear shafts (leaving lobes on the sides of the resulting undersize slots) and then used a surface grinder to reduce 6mm keys to fit. The problem is that the gear hubs were actually broached correctly for a close or sliding fit, as appropriate, leading to excess rotational play. I spent a bunch of time deciphering the appropriate section in Machinery's Handbook to see how it *should* have been made, and long story short I have >0.21mm clearance in places where it should total <0.02mm.
I've ordered 6mm keystock, which I'll cut to the lengths needed and round the ends on the grinder. However, the keyseats need to be cleaned up so they're straight and of the correct dimension. I don't think I can grind a perfectly straight 6.0mm slot freehand with a Dremel

so this will mean either buying a day-pass at Techshop or begging a favor of someone willing to mill the slots into shape.
Finally... gear tooth damage. I'm going to cut and paste from my email to Grizzly tech support wherein I list the damaged gears needing replacement:
P0484216 severe scoring and impact peening on small and medium gear tooth surfaces
P0484227 scoring on teeth of small gear
P0484231 scoring and impact peening on gear teeth
P0484232 scoring on gear teeth
P0484233 scoring on gear teeth
Basically, all of the gears with hardened teeth were in fine shape -- normal wear marks, but no scoring or peening on the tooth surfaces. The "soft" gears (basically, most of the gears on the intermediate shafts) had both debris damage (scoring & scratches) and impact damage from the teeth slamming together, due in large part to the keyway fitment issues noted above.
Sent off email to Grizzly today requesting replacement parts. Hopefully they won't be balky, since the list above is more than half the gears in the headstock. On the other hand, I can always send them a picture of the magnets covered with metal chips and debris I've cleaned out of the mill.
-AG