Find which side you trust and go from there. Drills like that are not an exact science by any means. The best thing you can do is find the sweet spot for what you are drilling and measure to make both sides the same. When I drill in milo I carry a quarter in my pocket. I set the 750 so that a quarter width of gear is showing and go with it. It usually ends up being a click or two different from side to side but the gear width matches.
I would liberally coat everything there in ATF and let her set in the shed for a while. Then wire brush what you can. I would be very tempted to buy a few bags of cat litter and "plant"them. It will help clean that up and give you a feeling for the drill. You can adjust settings and check things out a good bit. The other option is that pelletized bedding stuff. It isn't as abrasive to clean things up, but it is more uniform to check your spacing.
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