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@bikeguy53
I just read this, sorry to revive an old thread, but in case someone finds this on Google, I have a web site that has lots of information on the Velosteel hubs. Check out www.elegantwheels.net click on Velosteel. I have posted the instructions on Photobucket and there is a download for a PDF for your convenience.
The rattling noise is the rollers in the clutch. It is very important to adjust the bearings so there is not too much play in the rim. You can use a little grease on the rollers, but if you use something too sticky, the clutch will hesitate to engage, causing an unnerving spin at the pedals.
So, don't be hesitant to work on that hub, they aren't that conplex. You will note that I recommend a front brake just in case, but the hub should have no issues if it is properly lubricated and adjusted. If you have any questions, feel free to contact me by PM or through the web site. Guy