I talked to the seller. The machine was donated to a local school with a 3 phase motor, which quickly died and the machine sat in a corner for 5 years until this seller bought it at a auction earlier this year. He rebuilt it himself with the intent to sell, replacing the motor with a capacitor start 2hp, replaced the bearings and bushings in the drive, belts, as well as the lead screw for the cross slide. He says everything else seems tight and does not show much wear. Because the unit is bolted to rollers it's never been leveled to test the ways.
Still don't know what I want to do. Is there anything else I should consider when looking at a old lathe?