Someone wants to sell it, supposedly a 12x48 Clausing. Looks a little
too rusted to my taste.

http://igor.chudov.com/tmp/Clausing-Lathe/

Has anyone ever restored lathes in similar condition, how much time
did it take?

--
Due to extreme spam originating from Google Groups, and their inattention
to spammers, I and many others block all articles originating
from Google Groups. If you want your postings to be seen by
more readers you will need to find a different means of
posting on Usenet.
http://improve-usenet.org/