To answer the peg leg question, I have copies of four Wards catalogs between 1941 and 1950. Peg legs are shown on the Logan branded models if they shipped with drip pan and cast iron legs. And not shown on the bench models. The cabinet model is indeterminate as you can't see behind it, and the text no where mentions the peg legs anyway. The Wards models shown on drip pan and legs do not show a peg leg. And as previously mentioned, do not show a belt cover. However, there would be nothing stopping you from adding the Logan peg leg.
Fortunately, the one that you are looking at has ball bearings. In 1941, Wards offered a sleeve bearing model without power cross feed. It isn't mentioned in 1943 and later. So is probably pretty rare.
The Craftsman 101.21400 that you rebuilt looks very nice. However, the motor is on backwards. It should be up under the countershaft bracket, a somewhat more stable location. The left (visible) legs are really too small. Should probably be about 2 x 3 instead of what looks like 1 x 1. That would stiffen it up a bit. Link belts are generally a bad idea except in an emergency (which is what they were made for). And finally, the lathe will work much better with either a 4-way turret tool holder or a QCTP. The lantern is just too flexible.