Hi,
Question, questions...
I.
This will get you started:
http://www.sheldonbrown.com/lambert.html
The BB is a square-taper spindle running on sealed cartridge bearings with circlips holding things together. There's no threads in the shell, so a standard BB won't work. It may be possible to install a "no-thread" BB like this:
http://www.biketoolsetc.com/index.cg...=YS-BB99368113 . The bearings are standard industrial cartridge bearings.
Cartridge bearings tend to have a little play in them. As long as they turn smoothly, I would leave them in.