Awesome find, Bobby! I personally think the LX was the most beautiful Electrolux made. The Turquoise G is a close second, but there's just something so wonderful of the look of the LX - Especially with the Yellow and Red nameplate. I have an old beater LX that I keep and use in the garage, and for vacuuming out the cars, it has the chrome nameplate, not the red/yellow. The ejector still works, it's fun setting the dial down to a lower setting and being surprised when it shuts off, pops open, and shoots the bag out. I also have one with the red/yellow nameplate, but it's not in the greatest condition. I think the whole ejector mechanisim was removed at some point, but I'll have to double check.
I've always had a soft spot for the LX - when I was really litte, I know my next door neighbor had an LX that she used for dusting and other above the floor cleaning. It was kept on the floor of a closet, under a series of shelves -- at the end of the hallway. She also had a green Eureka 2091 ESP that was for cleaning her carpets (which is where my love for that machine comes form as well). I so distinctly remember the switch on the Lux, how it "rolled" to turn on and off - completely different than any other switch.
I would love to find a more minty one someday. I'm sure it's been posted here before, but Tania has one of the most beautiful specimens of an LX that I've ever laid eyes on. It looks like it just came out of the box.
I agree with Alex, it's awesome that others with parts and advice are coming out to assist you. To build on what Alex has already said -- there have been many threads about rebuilding the LX, I know Aeoliandave posted a very comprehensive thread about how the mechanism works at one point. You'll have to do some digging.
Thanks for sharing, I look forward to following your progress!
