Ignoramus5355 wrote:
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?

Meh.

For cheap enough, just about anything can look like a bargain.

I'd want to see it firsthand, and determine how much is rust, how
solid the rust is, and how much of the "coating" is filth stuck in oil,
if any.

Weigh that off against your needs.

A guy that needs plus or minus a sixteenth, would probably be onto a
deal, a guy that thinks he can get it all the way back to spec, without
spending any bucks, is delusional.

Cheers
Trevor Jones