Lube and oil an old bit brace?

I bought a Stanley 965 bit brace off’n the ‘Bay recently, and I’d like to know how to keep it in good working order. Inside the mechanical jaw mechanism, there is some dirt and old grease. Should I clean out the old grease? If I do, should I replace it with new grease or just use something like WD-40? Should I do anything to lube the ratchet mechanism, or leave it alone if it is working okay (which it is)? Thanks.

Also, I don’t have any bits yet. Are old bits fairly standard (meaning, do they work in most 8- and 10-in. braces) or should I buy only certain brands/models/types of bits? Thanks again.

Source: http://lumberjocks.com/topics/26552

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