I suspect the 50 year old metal lathe may run extremely well, even
today. Yes, if it is broken it would be harder to get parts. Yes, if
it is broken it may not be the right machine. But I think you should
consider it if possible. Also, owwm.org has added a metal working
posting page. Ask a few of those folks about the one you saw. See what
they think.

Mike in Ohio hilliardman on owwm
snip
Of course, I'm the same person who was (almost "out of his mind")
seriously considering buying a 50 year old metalworking lathe a few
weeks ago. After doing a little research, I now realize that would
probably have been a mistake--surely well-worn and "impossible" to get
parts for. A mini-lathe would probably serve me fine, with probably a
lot less headaches! There are some "one of a kind" parts I would like to
craft for a 19th-century style banjo.

Bill