Just to keep everyone updated I spent a couple of hours on it today.
Right off the bat I found an even greater problem - none of my hot
water valves from the furnace to the first floor bathroom actually
work so I had to turn off the main and even after I turned off the
main the water still wouldn't stop so it looks like I'll have to get a
plumber it to fix that. I can't believe my inspector never checked any
of these valves when I brought him in before I bought the house.

Anyway, the amount of water left streaming out wasn't too bad and it
all ended up in the tub so I got to dismantling the faucet. The
hardest part was getting the 50 year old handle off the stem. I had to
bang it pretty hard with a vice grip wrapped in a towel because the
rubber mallet just wasn't cutting it. Once I got the handle off the
rest of the stem came out pretty easily. The main problem I've been
having has been the cold water but I noticed recently that the drip
was getting warmer so I thought I'd inspect the hot water stem first.
The washer was decimated. I pryed it out with an ice pick and replaced
it. Then I got to the cold water stem. Inspecting the seat I could see
tiny imperfections in the metal so I screwed on my seat repair kit and
turned it about 3 times and replaced the stem. After turning the water
back on I noticed there was a big improvement but still a small drip -
and the water was warm. Since it was Sunday and the plumbing shop was
closed I figured that the stem from the hot water was probably shot so
I switch that stem with the new one in the cold and now the drip is
ck,d so I know I just need to purchase a new $25 stem and the problem
should be solved, if not I think I'll try the reseating tool again.
thanks again to all, it feels good to do this on my own!