New to this Forum and the Hobby

If your new to this I would do like Carl mentioned and learn as much as you can about what you have, Have an idea what area you want to model and big thing here, HOW MUCH YOU WANT TO SPEND! LOL

You can learn a lot here for sure...just ask questions.  Sounds like a nice start to a O gauge prewar train collection !  Look for the new Greenberg O gauge books that will be coming out over the next years to be a big help.

you used the proper terminology in saying O gauge and not O scale.  as with most prewar trains, nothing is modeled after an actual train, so as far as scale, there were bigger, more expensive pieces and smaller, less detailed and less expensive sets.  in Lionel Standard gauge there were the 200 (larger) vs 500 (smaller) series and with O gauge, the larger 800 series cars were considered nicer with more detailed parts while the 600 series cars appeared in the more economical sets.  the 260 locomotive and 800 series cars were in the premier sets.  the only drawback is that IMO these larger cars look awkward negotiating O31 curves, so if you can afford the space, definitely go with a larger radius track.

i'm not a big box fan, but whatever their condition, you are better off taking them out and leaving them out.  wrap up the cars and locomotive (i'll set off an argument if i suggest in what, so i won't) between running them and store the boxes in a dark, cool, dry play until you decide, if ever, to sell them.

have fun!
cheers...gary

The coupler springs tend to deteriorate, and must be replaced.

The coupler springs tend to deteriorate, and must be replaced.

I find that the couples will stay closed without the springs.

Oil and lube for moving parts, and inspection of the brushes and armature before anything. Lots of threads on the subject; basically if it moves, lightly lube it. The wiring on train and transformer and controls should be inspected next. Consider proper era replacement wire if you choose to use the original transformer and controls. It really complets the look.