Hi Mark,
You have that spring pivot looking much better now, nice job
May I suggest that on the hammer guide end you make a pipe sleeve for the bottom bolt like you did on top and use longer bolts with lock nuts on them so that the pipe sleeve can roll freely on the bolt to help reduce friction and wear from the spring sliding over the bolts. The more friction you engineer out of the design, the smoother and more efficiently your hammer will run.
As far as using a gear reduction box on the hammer, I really can't say if thats a good idea or not. In my mind I think it would make tuning the ideal hammer speed harder. I think most guys that build a hammer are using pulley diameters to tune the hammer and by adding the gear box into the works, you are adding in another set of ratios to the mix. On the other hand, we all learn by trying different things, so give it a go and tell us how it works :cool:
If the gear box has an oil fill and drain plug, I would think the lube would be 80/90 gear oil.