Turtle,
What Ed says above, plus;
Hanging it on the wall is not a way to find out how it was loaded originally. It Would be used at one time, so likely can be done so successfully. :-)
I always find it V interesting figuring out how things were done, as done they were.
I'd start with a thick patch with decent tallow type lube, and not worry about the ball being a tad small. The patch should ram into those grooves.
Keep us posted on how he does with it!
Best,
R.