Karl, if a new disc is too much, try having your old disc re-lined. I've done that several times in the past, with good results every time. The cost is usually 1/4 or less, and all they re-use are the castings. There is a potential for the splines to wear, but they don't, usually.
I've tried various methods of cleaning up friction surfaces (like the torch, gasoline, etc.) Always, if you let it cool and then heat it again (like it gets hot in use), more oil comes out. Repeat enough times, and the friction material starts to fail.
The most amusing attempt was when a buddy of mine put his MGA brake shoes into the ultrasonic solvent bath where we both worked. The solvent cleaned the friction material well enough, but it also dissolved the bonding! Good thing too that no one else knew what he had done, as the contaminated solvent ruined several thousand parts the next day :laugh:
Rich, I'm pretty sure the bacon trick is in addition to the bearing shells, not in place of them. Actually, I've only heard of it in relation to Model T Fords, which had babbit instead of shells. I've done some screwball things, but I wouldn't want to try that in a TR!
I've also heard of a Model T that actually ran (though not well) with a piece of maple for one of the pistons! It knocked really bad, but did run.